Grains continued to make fresh lows with risk off fund selling tied to lower crude oil and weather, with moisture in Brazil and HRW areas. Corn made contract lows, new lows for the move in soybeans and wheat. Live cattle reversed a higher opening, strong cash and weather after hitting chart resistance, feeders firm on soft corn. Hogs see more short covering trying to bottom. Randy Martinson, Martinson Ag, has details.
Risk Off Fund Selling Produces New Grain Lows: Live Cattle Fail After Higher Cash, Hogs Advance
Corn hits contract lows, new lows for the move in beans & wheat w/risk off fund selling on lower crude oil, U.S./Brazil wx. Live cattle consolidate despite strong cash. Randy Martinson, Martinson Ag, has more.
January 08, 2024 02:30 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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