Wheat and corn lower on technical selling, lower crude oil and report positioning, while soybeans get help from export biz. Profit taking and money flow hit the livestock. @michellerookag @scottevarilek
Livestock Hit by Profit Taking and Money Flow: Corn and Wheat Down Ahead of Report, Export News Supports Soybeans
Wheat and corn lower on technical selling, lower crude oil and report positioning, while soybeans get help from export biz. Profit taking and money flow hit the livestock. @michellerookag @scottevarilek
November 08, 2022 11:26 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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