Corn and beans lose early strength with outside market pressure despite supportive soybean export news. Wheat holds gains on short covering and Ukraine headlines. Cattle continue to consolidate, so is the high in? Hogs extend gains. DuWayne Bosse, Bolt Marketing, has more.
Row Crops Fall with Outside Market Pressure, Wheat Holds on Ukraine News: Cattle Consolidating, Hogs Extend Gains
Corn & beans fade with outside markets despite friendly soybean export news. Wheat holds gains on short covering and Ukraine headlines. Cattle consolidate. Hogs extend gains. DuWayne Bosse, Bolt Marketing, has more.
October 26, 2023 11:33 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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