Early technical selling in corn and wheat after lower weekly closes, report positioning and talks progressing on the Black Sea Export deal. Soybeans rebound with meal making new highs on Argentina crop concerns. Cattle firmer with new highs in feeders on strong cash cattle trade on Friday. Profit taking in hogs.
Soybeans Rebound with New Highs in Meal, Corn and Wheat See More Technical Selling: Cattle Firm with Higher Cash, Hogs See Profit Taking
Technical selling in corn & wheat, report positioning and hope on the Black Sea Export deal. Soybeans rebound w/meal making new highs on Argentina crop concerns. Cattle up with strong cash. Profit taking in hogs.
March 06, 2023 09:36 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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