Soybeans and corn end higher on technical bounce and hot dry weather but how much recovery can we expect? Wheat sees weak technicals and demand. Cattle down for the 5th day as funds liquidate and with weaker cash, while hogs bounce on the discount to the index. Don Roose with U.S. Commodities has details.
Row Crop See Technical Bounce on Weather Concerns, Wheat Struggles: Cattle Down 5th Day with Weak Cash, Hogs Bounce
Row crops see technical bounce with hot dry weather. How much recovery can we expect? Wheat sees weak technicals and demand. Cattle down with weaker cash, while hogs bounce. Don Roose with U.S. Commodities has more.
August 17, 2023 02:35 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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