Soybeans and meal see profit taking on Brazil rain chances which leads to technical selling in corn and wheat. Cattle rally into a slightly friendly COF report. Crude oil rebounds but may be turning into a bear market. Darren Frye, Water Street Solutions, has more.
Soybeans See Profit Taking with Brazil Rain Chances, Pull Down Corn and Wheat: Cattle Rally Into Slightly Friendly COF, Crude Oil Recovers
Soybeans see profit taking on Brazil rain chances, pull down corn and wheat. Cattle rally into a slightly friendly COF report. Crude oil rebounds. Darren Frye, Water Street Solutions, has more.
November 17, 2023 02:37 PM
Related Stories
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.
Read Next
As input costs remain elevated, fall lease deadlines are putting renewed focus on cash rents and farmland values.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
