Corn sees harvest pressure and makes a new low close, with soybeans higher on China talk and lower Brazilian estimates. Wheat sees a short covering bounce. Cattle fill the chart gap and close above it with help from the rally in the equities, but can they keep rallying? Hogs also impressively close above chart resistance. Alan Brugler, Brugler Marketing, covers it all!
Higher Closes, Except Corn Scores a New Low Close: Soybeans Up on China Hopes, Brazil Crop, Impressive Day in Livestock
Corn scores a new low close, with soybeans higher on China talk and lower Brazilian estimates. Wheat sees short coveriing. Cattle close the chart gap with higher equities. Alan Brugler, Brugler Marketing, has more.
November 02, 2023 02:36 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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