Corn and soybeans higher after holding major support the market is getting more technical buying awaiting harvest data. Wheat is seeing profit taking with the higher dollar. Funds back buying in cattle awaiting cash, while hogs consolidate with the drop in cutouts. Chuck Shelby, Risk Management Commodities, has more.
Row Crops See Technical Bounce Continue, Profit Taking in Wheat: Funds Back Buying in Cattle, Selling in Hogs
Row crops see the technical bounce continue awaiting yield data, wheat sees profit taking on a strong dollar. Funds back buying in cattle, while hogs consolidate. Chuck Shelby, Risk Management Commodities, has more.
September 14, 2023 01:05 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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