Soybeans are seeing pressure with Brazilian competition and news of a cargo being imported into the SE U.S., while corn is getting a boost from more China corn biz. Wheat is putting in some weather premium with cold temps in the forecast and concerns about the Black Sea grain deal. Cattle take a breather on profit taking and hedge pressure, while hogs try to bounce off of contract lows. Ted Seifried of Zaner Ag Hedge has analysis.
Soybeans Fall on Brazil Imports, With China Biz Supporting Corn: Corrective Action in Hogs and Cattle
Soybeans down on news of Brazil imports, corn gets a boost from China sales, wheat puts in weather & war premium. Cattle see profit taking & hedge pressure, w/short covering in hogs. Ted Seifried, Zaner Ag Hedge.
April 14, 2023 11:36 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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