Markets close mostly lower Tuesday with technical selling in the grains and positioning ahead of the WASDE, fading export biz. Lower crude oil also weighed on corn and soybean oil. Livestock consolidated in an inside day. Michelle Rook is joined by Garrett Toay of AgTraderTalk
Mostly Lower Closes with Technical Selling and Report Positioning in Grains: Livestock Consolidate in an Inside Day
Markets close mostly lower w/ technical selling in the grains, report positioning and fading export biz. Livestock consolidated in an inside day. Michelle Rook is joined by Garrett Toay of AgTraderTalk.
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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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