Soybeans higher with 9.2 mb of China export biz and after yesterday’s reversal and hold support above the 100-day MA, wheat sets back on technical selling, with corn caught in the middle. Markets also positioning ahead of the WASDE. Cattle recovering with higher cash ideas and higher boxed beef values, while hogs see profit taking despite the discount to the index. Chuck Shelby, Risk Management Commodities, has details.
Soybeans Up with China Biz After Reversal, Corn and Wheat Lower Ahead of Report: Cattle Bounce with Strong Products Values
Soybeans up on China export biz and after holding support, wheat & corn lower squaring pre-WASDE. Cattle recover with higher product values, hogs consolidate. Chuck Shelby, Risk Management Commodities has more.
August 09, 2023 09:38 AM
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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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