Corn and soybeans open higher extending gains with help from export news but then hit resistance and see profit taking and farmer selling. Wheat trying to hold gains with China biz and the chart reversal. Cattle consolidate after working in higher cash. DuWayne Bosse, Bolt Marketing, has details.
Row Crops Hit Chart Resistance See Profit Taking, Wheat Tries to Hold Gains with China Biz: Cattle Consolidate
Corn and soybeans open higher then hit resistance, see profit taking and farmer selling. Wheat trying to hold gains with China biz. Cattle consolidate despite higher cash. DuWayne Bosse, Bolt Marketing, has more.
October 13, 2023 11:37 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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