Soybeans close higher following products on Brazil weather and outside market support as the dollar plunges after the CPI data. Corn firmed into the close. Wheat mixed despite the sharply lower dollar. Cattle supported by the equity rally, with profit taking in hogs. Jeff Hoogendoorn, Professional Ag Marketing, has details.
Row Crops End Higher on Brazil Weather, Lower Dollar Due to CPI Data: Cattle Supported by Equity Rally
Soybeans complex higher on Brazil weather, outside markets and CPI data, corn followed. Cattle rally with equities, with profit taking in hogs. Jeff Hoogendoorn, Professional Ag Marketing, has details.
November 15, 2023 08:09 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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