Soybeans and meal are higher with corrective buying and putting back in some Argentina weather premium, corn is trying to follow, but poor exports are a headwind. Poor demand is also a factor for wheat. Cattle and hogs see follow through selling and disappointing cash. Joe Vaclavik of Standard Grain has analysis.
Joe Vaclavik Says Soybean Putting in SA Weather Premium, Corn Struggles with Poor Demand: Livestock Continue Lower
Soybeans higher on corrective buying, dry Argentina weather. Corn tries to follow but poor exports are a headwind. Cattle & hogs see follow through selling, trade cash. Joe Vaclavik of Standard Grain has analysis.
January 06, 2023 11:11 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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