Soybeans ended sharply higher with USDA showing a game changing 4 million less acres. So where does that put ending stocks and prices? Corn picked up another 2 million acres so will that be offset by yield? Wheat acres and stocks tightened but does it mean much with poor demand? And cattle soared on the lower corn. Matt Bennett with Ag Market.Net has analysis.
Soybean Soar Working in 4 Million Less Acres, Corn Crumbles with Extra Acres: What Does it Mean for Ending Stocks and Prices?
Soybeans ended sharply higher with a 4 ma cut so where does that put ending stocks? Corn picked up another 2 ma so will that be offset by yield? Cattle soared on the lower corn. Matt Bennett with Ag Market.Net.
June 30, 2023 02:16 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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