Corn and wheat see follow through selling, while soybeans correct with help from higher meal, export biz and hot dry weather returning in Argentina. Cattle seeing some short covering but traders are keeping an eye on the economy and demand. Hogs open mixed. Kent Beadle of Paradigm Futures has more.
Soybeans Correcting on Argentina Forecast & Export Biz, Follow Through Selling in Corn and Wheat: Cattle Bounce, Hogs Mixed
Corn and wheat see follow through selling, while soybeans correct w/meal, hot dry weather returning in Argentina, export biz. Short covering in cattle, with hogs mixed. Kent Beadle of Paradigm Futures has more.
January 04, 2023 08:55 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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