Soybeans make new lows for the move then bounce on short covering and report positioning. Technical selling in wheat also pulls down corn as well as harvest pressure. Cattle hit resistance and consolidate, while more fund liquidation hits the hogs. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
Soybeans Bounce, Corn and Wheat Down on Report Positioning, Profit Taking: Cattle Consolidate, Funds Sell Hogs
Beans make new lows then see technical bounce and report positioning. Technical selling in wheat pulls down corn as well as harvest pressure. Cattle consolidate, funds sell hogs. Tomm Pfitzenmaier, Summit Commodity.
October 10, 2023 03:46 PM
Related Stories
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
Read Next
NASS identified a processing error affecting September corn data for Kansas, Nebraska and national figures. The agency says its October forecast of 181.2 bu. per acre remains unchanged, leaving questions about the yield jump.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
