Soybeans and corn higher putting in late season weather premium with the lower Pro Farmer yields and new export biz. Technical selling and talk of Russia coming back into the Black Sea grain deal weighing on wheat. Cattle mixed following steady to lower cash but higher cutouts, hogs continue to slide. Tomm Pfizenmaier, Summit Commodity Brokerage has details.
Row Crops Higher on Weather, Tour Results and Export Biz, Wheat a Drag: Livestock Mixed
Soybeans and corn up on weather and export biz. Talks with Russia on reentering the Black Sea grain deal weigh on wheat. Cattle mixed, hogs continue to slide. Tomm Pfizenmaier, Summit Commodity Brokerage has more.
August 28, 2023 09:32 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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