Grain and livestock futures close mostly lower on technical selling ahead of the Fed announcement, except old crop corn with more China sales. Soybeans closed below the 200-day moving average, so will that trigger more selling pressure? Are livestock close to bottoming? Don Roose with U.S. Commodities has the answers.
Markets Mostly Lower Ahead of Fed 0.25% Move; Soybeans Close Below 200-Day Moving Average
Markets were mostly lower on Wednesday, except old crop corn, on technical selling ahead of the Fed’s 0.25% hike. Can the markets now start trading fundamentals? Don Roose with U.S. Commodities has the answers.
March 22, 2023 02:40 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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