Soybeans hold gains on a strong NOPA crush and higher soybean oil, plus strong export inspections and meal export biz. Wheat is seeing short covering putting in war premium. Corn sees harvest pressure, despite a 79 mb sale to Mexico. Live cattle are higher with strong cash ideas and higher cutouts, feeders falter. Randy Martinson, Martinson Ag, has more.
Soybeans Higher on Demand News, Corn Sees Harvest Pressure: Cattle Lose Early Gains
Soybeans up on strong NOPA and BO. Wheat mostly higher on short covering. Corn sees harvest pressure, despite a 79 mb sale to Mexico. Live cattle higher on strong cash ideas. Randy Martinson, Martinson Ag, has more.
October 16, 2023 11:53 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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