Soybeans 2-sided with profit taking in meal but higher bean oil. Corn sees little follow through after the reversal, while wheat is mixed even with the sharply lower dollar on the CPI data. Cattle continue to correct pushed by the equities, while hogs see profit taking after running into chart resistance. Chip Nellinger, Blue Reef Agri-Marketing has more.
Soybeans 2-Sided with Product Tug of War, Disappointing Follow Through on Corn Reversal: Cattle Correction Continues
Soybeans 2-sided with mixed products. Corn disappoints after the reversal, wheat mixed. Cattle correct with equities; hogs see profit taking. Chip Nellinger, Blue Reef Agri-Marketing has more.
November 14, 2023 12:04 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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