USDA provided a bullish surprise for soybeans in the October WASDE dropping yield to 49.8 bpa and leaving ending stocks at 200 million bushels. Corn and wheat numbers came in below September, but above expectations. Meanwhile live cattle failed after strong chart action early. Michelle Rook gets details from Brian Splitt of AgMarket.Net.
Soybeans Get Bullish Surprise in Report, Slightly Bearish for Corn and Wheat: Cattle Fail After Strong Chart Action
USDA provided a bullish surprise for soybeans in the WASDE. Corn and wheat numbers came in below September, but above expectations. Live Cattle fail. Michelle Rook talks with Brian Splitt of AgMarket.Net.
October 12, 2022 11:48 AM
Related Stories
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.
Read Next
Analysts Dan Basse and Chip Nellinger say $6 corn is looking likely this year. While there’s always risk as the funds post such a long position, there is another factor that could push prices past $6, and that’s tied to El Niño.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
