Soybeans see double digits gains building back Brazil weather premium, with wheat down for the second day on profit taking and corn follows. Cattle futures extend gains for a second day so is the bottom in? Dave Chatterton, Strategic Farm Marketing, has more.
Soybeans Add Risk Premium, While Wheat Sees Profit Taking: Cattle Extend Gains for Second Day
Soybeans rally building back Brazil weather premium, with wheat down for the second day on profit taking and corn follows. Cattle futures extend gains. Dave Chatterton, Strategic Farm Marketing, has more.
December 11, 2023 03:51 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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