Funds sell in the soybean complex after good weekend rains but hold the 100-day MA, corn follows, but is supported by wheat which was higher putting back in some war premium. Cattle see profit taking and hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has details.
Rain Pulls Down Soybeans and Corn Follows, Wheat Adds War Premium: Hedge Pressure in Cattle After New Highs in Feeders
Lower soybean complex after weekend rains, corn follows, wheat higher adding some war premium. Cattle see profit taking & hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has more.
August 07, 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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