Grains start higher with follow through buying and export news, but corn and beans hit chart resistance and retrace. Wheat is supported by China biz and the Middle East conflict, which is also pushing crude oil higher. Cattle start higher on higher cash, then see profit taking. Darin Newsom, Barchart, has more.
Grains Start Higher but Corn and Soybeans Fail, Wheat Sees China Biz: Cattle Consolidate
Grains start higher but row crops hit chart resistance and retrace. Wheat supported by China biz, oil up on Middle East conflict. Cattle start higher, then see profit taking. Darin Newsom, Barchart, has more.
October 13, 2023 09:33 AM
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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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