Soybeans rally on SA weather, export demand and seasonals and that supports corn and wheat. The lower dollar and MX corn biz was also positive. Poor chart action in cattle, while hogs bounce but are into resistance so can they keep going? Vince Boddicker, Farmers Trading Company, has more.
Soybeans Up on SA Weather, Export Demand, Corn and Wheat Follow: Poor Technical Action in Cattle, but Hogs End Higher
Soybeans rally on SA weather, export demand, which supports corn and wheat as well as MX biz. Poor chart action in cattle, while hogs bounce but are into resistance. Vince Boddicker, Farmers Trading Company, has more.
November 06, 2023 02:20 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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