Corn and wheat see technical selling on macroeconomic concerns, while soybeans put in some South American weather premium with help from meal. Cattle try to recover after a meltdown in reaction to the COF, while hogs see more contract lows except Dec. Arlan Suderman, StoneX has the recap.
Macroeconomics Press Corn and Wheat, Soybeans Bounce with Meal: Cattle Consolidate After COF Meltdown
Corn & wheat see technical selling on macroeconomic concerns, while soybeans put in some South American weather premium. Cattle try to recover after the COF meltdown. Arlan Suderman, StoneX recaps.
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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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