Soybeans and new contract highs in meal fuel the rally putting in SA weather premium and as export business picks up to China. Corn scores a key reversal following soybeans, but is it bottoming? Wheat is a reluctant follower. Cattle bounce off new lows but will funds continue to sell into this Friday’s COF Report? Hogs anticipate a seasonal cash low. Brian Grete, Pro Farmer, covers it all.
Markets End in the Green! Soybeans & Meal Lead, Trigger a Key Reversal in Corn: Cattle See Corrective Buying Off New Lows
Beans & meal up on SA weather, China export biz. Corn scores a key reversal but is it bottoming? Wheat is a reluctant follower. Cattle bounce off new lows. Hogs anticipate a cash low. Brian Grete, Pro Farmer, has more.
November 13, 2023 02:41 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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