Soybeans higher on China export news and SA weather, corn tries to follow after making new lows with a Mexican sale but is anchored by wheat. Wheat continues to struggle with technical selling and weak demand. Cattle try to recover after an ugly week and new lows for the move Monday morning. Mike Zuzulo, Global Commodity Analytics, has more.
Soybeans Up on SA Weather and China Export News, Corn Tries to Follow While Anchored by Wheat: Cattle See Bounce After Ugly Week
Soybeans higher on China export news and SA weather, corn tries to follow with a Mexican sale but anchored by wheat. Cattle try to recover after an ugly week. Mike Zuzulo, Global Commodity Analytics, has more.
November 13, 2023 05:27 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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