Corn and soybeans end higher on weather and yield concerns after the Pro Farmer crop estimates and with new export biz. Wheat sells off ahead of first notice day. Cotton also struggles, but livestock stage a strong rally. John Payne, Hedge Point Global Markets breaks it down.
Row Crops Higher on Weather & Yield Concerns, Wheat and Cotton Struggle, While Livestock End Strong
Row crops up on weather, yield concerns and with new export biz. Wheat sells off ahead of first notice day. Cotton also struggles, but livestock stage a strong rally. John Payne, Hedge Point Global Markets has more.
August 28, 2023 03:07 PM
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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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