The soy complex was lower on profit taking on Brazil rain chances, while corn was higher on spread unwinding with beans and strong weekly exports. Wheat falls on poor demand. Cattle plunge with lower $2-$3 lower cash at $178 in the South, more $282 in the North, plus caution ahead of the COF Report, while hogs bounced on the long side of spreads with cattle. Demand fears tank crude oil. Jim McCormick, AgMarket.Net, has more.
Soy Complex Slides on Profit Taking & Brazil Rain Chances, Yet Corn Rallies: Cattle and Crude Oil Both Plunge
The soy complex slid on Brazil rain chances and profit taking, while corn bounced. Cattle plunged on lower cash, pre-COF caution. Demand fears tanked crude oil. Jim McCormick, AgMarket.Net, has more.
November 16, 2023 03:13 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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