Soybeans and products lower on profit taking, Brazil rain and lower crude oil. That spilled over to pull corn and wheat off their highs despite flash export sales. Cattle fall with disappointing cash at $177/$280, with hogs mixed. Mike Minor, Professional Ag Marketing, has more.
Soy Complex Lower on Profit Taking, Brazil Weather...Pulls Corn and Wheat Off Highs: Cattle Fall with Cash, Hogs Mixed
Soy complex lower on profit taking, Brazil rain. That pull corn and wheat off highs despite export sales. Cattle fall with disappointing cash at $177/$280, hogs mixed. Mike Minor, Professional Ag Marketing, has more.
November 22, 2023 02:06 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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