Soybeans see corrective buying with disappointing Brazil rains and extended forecasts. Wheat sees more contract lows in KC on poor demand and corn follows. But with hedge pressure corn is also fading Mexico biz. Funds use early strength to liquidate in both cattle and hogs. Kent Beadle, Paradigm Futures, has more.
Soybeans up Disappointing Brazil Rain, Wheat Lower, Corn Follows: Funds Use Early Strength to Sell Cattle and Hogs
Soybeans up on corrective buying, disappointing Brazil rains. Wheat lower on poor demand, dragging down corn. Funds use early strength to liquidate in both cattle and hogs. Kent Beadle, Paradigm Futures, has more.
November 20, 2023 11:35 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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