Soybeans and products saw massive fund selling making new lows for the move, which pulled down corn after supportive export news. Wheat saw corrective buying. Live cattle had an inside day but disappointed with cash mixed, lower in the south but higher in the north. New contract lows again in hogs. Chip Nellinger with Blue Reef Agri-Marketing breaks it down.
Soybean Complex Has Ugly Day of Fund Selling Pulling Corn Down: Cattle End Mixed as Well as Hogs after New Contract Lows
Soybeans and products saw massive fund selling pulling down corn. Wheat saw corrective buying. Live cattle post an inside day with new contract lows again in hogs. Chip Nellinger, Blue Reef Agri-Marketing has more.
March 23, 2023 02:22 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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