Soybeans higher with new contract highs in meal and talk of China biz and corn tried to follow with higher crude oil but was held back by wheat. Wheat saw profit taking with bearish Black Sea export news. Cattle higher with improved cash but can that market recover with the macro climate growing bearish? Shawn Hackett, Hackett Financial Advisors, has more.
Soybeans Rally with Meal, China Biz and Corn Tries to Follow: Cattle Rally with Improved Cash
Soybeans up w/meal and talk of China biz and corn tried to follow. Wheat saw profit taking with bearish Black Sea export news. Cattle higher with improved cash. Shawn Hackett, Hackett Financial Advisors, has more.
October 27, 2023 02:20 PM
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Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
Mark Schultz of North Star Commodity says the grain markets are oversold and due for a correction.
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