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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Allison Thompson with The Money Farm says the failure was likely position squaring heading into the three day holiday plus markets ran into chart resistance and saw some profit taking.
Scott Varilek with Kooima Kooima Varilek says cattle futures were struggling early Thursday with lower cash as the packers are trying to break the market with their own inventory.
Darren Frye with Water Street Solutions says the follow through buying was very important to show the higher close on Tuesday was not a head fake.
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