Grains end higher with soybeans holding Brazil weather premium, corn follows and wheat was oversold and saw short covering. Cattle see long funds selling on any strength while hogs saw pressure from lower cash and China herd liquidation. DuWayne Bosse, Bolt Marketing, joins us from the tractor cab.
Soybeans Hold SA Weather Premium, Corn and Wheat Follow with Corrective Buying: Funds Sell Livestock
Grains up with soybeans adding Brazil wx premium, corn follows and wheat saw corrective buying. Cattle see long funds selling on any strength, while hogs fall. DuWayne Bosse, Bolt Marketing, joins us from the tractor.
November 21, 2023 02:51 PM
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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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