Soybeans end lower as China refutes a change in their COVID policy and corn followed with poor export inspections. Wheat saw light technical buying and the lower dollar supportive. A big up day in livestock on technical buying and money flow. Michelle Rook has analysis with Arlan Suderman of StoneX Financial.
Soybeans Lower as China Refutes Easing COVID Policy, Corn Follows: Technical Buying Supports Livestock and Wheat
Soybeans end lower as China refutes COVID policy change, corn followed. Wheat mostly higher on technical buying. Livestock rally big on a technical correction. Michelle Rook w/ Arlan Suderman of StoneX Financial.
November 07, 2022 02:01 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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