Soybeans lower with profit taking in meal and better SA weather. That’s weighing on corn, plus lower crude oil and SRW wheat. Cattle impressively extend gains with improved cash and chart action. Hogs up for the 4th day. Can livestock keep rallying? Kent Beadle, Paradigm Futures, has more.
Soybeans Fall with Meal and SA Weather, Corn Follows Lower CH Wheat and Crude Oil: Livestock Add to Gains but for How Long?
Soybeans lower with profit taking in meal and better SA weather. That’s weighing on corn, plus lower crude oil and SRW wheat. Livestock extend gains but for how long? Kent Beadle, Paradigm Futures, has more.
October 30, 2023 11:37 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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