Soybeans, meal and corn fall with end of month profit taking, but watching SA weather, China export news and outside markets like crude oil, plus the FOMC meeting. Cattle extend gains and start to fill chart gap areas, plus a 4th up day for hogs. So can livestock continue this momentum? Chip Nellinger, Blue Reef Agri-Marketing has details.
Soybeans, Meal and Corn See Profit Taking, Watching SA Weather, Outside Markets: Livestock Continue to Rally
Soybeans, meal and corn fall on profit taking, watching SA weather, China export news, crude oil. Cattle and hogs extend gains, can they keep going? Chip Nellinger, Blue Reef Agri-Marketing has details.
October 30, 2023 02:48 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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