Grains lower led by soybeans with rain chances for Brazil and some technical selling. Cattle see short covering ahead of the COF and recovering after the Tyson cyberattack. Hogs firm up with cattle but still rangebound. Vince Boddicker, Farmers Trading Company, has details.
Soybeans Lead Grains Lower on Brazil Rain Chances, Technical Selling: Cattle Bounce Before COF, Post Tyson Cyberattack
Soybeans pull grains lower with rain chances for Brazil and technical selling. Cattle see short covering pre-COF and after the Tyson cyberattack. Hogs firm. Vince Boddicker, Farmers Trading Company, has details.
November 17, 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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