Grains slide lower on Friday with more favorable weather and ideas of improving crop conditions but also awaiting supply direction from the WASDE including possible yield cuts. November soybeans closed below the level on the bullish report day. So how concerning is that? Cotton closes higher but the market is still rangebound. Cattle post a strong recovery with lower corn, strong exports and steady to higher cash in the north. Darren Frye, Water Street Solutions has analysis.
Grains Slide Lower on Favorable Weather, Awaiting WASDE and Possible Yield Cuts: Cotton and Cattle End Higher
Grains lower on favorable weather but also awaiting supply direction from the WASDE. Cotton closes higher but is still rangebound. Cattle post a strong recovery with lower corn. Darren Frye, Water Street Solutions.
July 07, 2023 02:23 PM
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Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
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