Corn and beans lose early strength on profit taking, weather and the stronger dollar. That is also weighing on cotton. Wheat is mixed awaiting fresh war news. Cattle trying to rebound with lower corn but await cash direction. Will cattle see a bigger correction soon? Shawn Hackett, Hackett Financial Advisors has details.
Row Crops and Cotton Fade on Profit Taking, Weather, Strong Dollar, Wheat Mixed Awaiting War News: Cattle Try to Bounce
Corn, beans, cotton lower on profit taking, weather, stronger dollar. Wheat is mixed awaiting fresh war news. Cattle trying to rebound with lower corn. Shawn Hackett, Hackett Financial Advisors has details.
July 27, 2023 11:32 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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