Markets are seeing red as the risk off in outside markets is causing commodity wide fund selling, plus weak grain exports are a drag. Soybeans have done technical damage. Profit taking also hit the livestock. Cattle also await cash and report direction, hogs eye lower cutouts. Jeff Hoogendoorn, Professional Ag Marketing, has more.
Sea of Red: Risk Off Outside Markets Spill Over Create Commodity Wide Fund Selling
Risk off in outside markets is causing commodity wide fund selling, plus weak grain exports are a drag. Profit taking also hits the livestock. Jeff Hoogendoorn, Professional Ag Marketing, has more.
September 21, 2023 11:36 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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