Corn and beans end steady to higher trading weather, but also seeing profit taking and hedge selling when Dec corn got above $6 and Nov soybeans broke through $13.50. Wheat was mixed on spreading. Cattle consolidated and took out chart support, while hogs continued to rally pushed by cash. DuWayne Bosse of Bolt Marketing has details.
Row Crops End Steady to Higher Trading Weather, But Seeing Profit Taking: Cattle Consolidate Take Out Support, Hogs Rally
Corn and beans end steady to higher trading weather but see profit taking. Wheat mixed on spreading. Cattle consolidated breaking chart support, while hogs rally pushed by cash. DuWayne Bosse, Bolt Marketing.
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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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