Contract lows in corn and 6 1/2 month lows in soybeans with risk off technical selling, and improved SA weather. Farmer selling and a higher dollar were also factors. How much lower will prices fall?. Hog and milk futures also saw pressure, while cattle chased higher cash. Bryan Doherty with Total Farm Marketing has more.
Risk Off Technical Selling Hits All but Cattle: Corn Makes New Contract Lows
Contract lows in corn, 6 1/2 month lows in soybeans with risk off technical selling, & improved SA wx. Hog & milk futures also fall, while cattle chased higher cash. Bryan Doherty, Total Farm Marketing has more.
January 02, 2024 02:46 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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