Wheat hits new lows in KC on technical selling, better crop ratings than 2022 and talk of Russia lowering its export tax. Corn and beans higher on corrective buying, a Mexican bean sale, higher meal and watching SA weather. Cattle still consolidating but nearing chart resistance. Kevin Duling, KD Investors has more.
Soybeans See Corrective Buying, Fund Selling and Ratings Hit Wheat, Corn Stuck: Cattle Consolidating Under Chart Resistance
Wheat hits new lows in KC on fund selling, crop ratings, talk of Russia lowering its export tax. Row crops up on corrective buying. Cattle consolidating under chart resistance. Kevin Duling, KD Investors has more.
October 31, 2023 03:19 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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