Corn and beans lose early strength on a little shift in the weather forecast and end of month profit taking. Cattle are also seeing some consolidation end of month, awaiting cash direction. Short covering has pulled hogs back higher despite lower cash and cutouts but with weights dropping there is longer term optimism. Jeff Hoogendoorn, Professional Ag Marketing, has more.
Row Crops Reverse Early Stength on Profit Taking, Forecast Change: Cattle Consolidate Ahead of Cash, Short Covering in Hogs
Row crop back lower on a shift in weather and profit taking. Cattle also see consolidation awaiting cash. Short covering pulls hogs higher despite lower cash. Jeff Hoogendoorn, Professional Ag Marketing, has more.
August 30, 2023 11:52 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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