Profit taking hits the soy complex. Short covering in wheat with a softer dollar, corn caught in the middle. Cattle consolidate and then hit more all-time highs with better northern cash. How high is crude oil going? Darin Newsom, Barchart has details.
Soybeans Correct Lower, Short Covering in Wheat, Corn Caught in Middle: Cattle Consolidate Then Set All-Time Highs
Profit taking hits the soy complex. Short covering in wheat, corn caught in the middle. Cattle consolidate then hit all-time highs, better No. cash, Crude oil strong. Darin Newsom, Barchart has details.
September 15, 2023 10:43 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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