Row crops set back on end of month and pre-holiday profit taking plus a little change in the extended weather. Wheat ended mixed but is Chicago wheat forming a bottom yet? Where is the cotton markets headed? And cattle also see profit taking ahead of cash, with short covering in hogs. Darren Frye, Water Street Solutions, has details.
Row Crops Lower on Profit Taking & Weather, Wheat Mixed: Cattle Consolidate Ahead of Cash with Short Covering in Hogs
Row crops lower on profit taking and weather, with wheat mixed and cotton higher. Cattle also see profit taking ahead of cash, short covering in hogs. Darren Frye, Water Street Solutions, has more.
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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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