Macroeconomic and demand concerns tied to Fed Chairman Powell’s comments about the economy were bearish for outside markets and pushed the dollar higher. Commodity wide fund selling was triggered and soybeans did chart damage closing below $13. Cattle saw some steady cash in NE at $292 but pre-report positioning was also a feature. Hogs saw profit taking after testing the top of the trading range. DuWayne Bosse, Bolt Marketing, has details.
Macroeconomic and Demand Concerns Fuel Risk Off Selling in Outside Markets and Commodity Wide
Macroeconomic and demand concerns pressured the outside and commodity sector. Cattle saw some steady cash in NE at $292 ahead of the COF. Hogs saw profit taking. DuWayne Bosse, Bolt Marketing, has details.
September 21, 2023 02:29 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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