Soybeans see profit taking with Brazil rain, corn and wheat supported by export sales and corrective buying. Cattle 2-sided awaiting cash news but trying to forge a low, while hogs are quietly mixed. Chuck Shelby, Risk Management Commodities, has more.
Profit Taking Hit Beans, Pulls Corn and Wheat Off Highs: Cattle 2-Sided Awaiting Cash
Soybeans see profit taking w/Brazil rain, corn & wheat supported by export sales, corrective buying. Cattle 2-sided but trying to make a low, while hogs are mixed. Chuck Shelby, Risk Management Commodities, has more.
November 22, 2023 11:40 AM
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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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