Risk off outside markets and China GDP data weighing on soybeans, corn was down early but is now following wheat which is seeing corrective buying with some escalation of the fighting in the Black Sea. Cattle seeing some profit taking after the chart breakout Tuesday, but should be well supported by higher beef and cash ideas. Hogs consolidate with concerns about backing up hogs. Randy Martinson, Martinson Ag, has more.
Soybeans See Risk Off Selling, with Corrective Buying in Corn and Wheat Bounce: Cattle See Profit Taking
Risk off outside markets & China GDP data pressures soybeans, corn is following wheat with short covering. Cattle see profit taking after the chart breakout. Hogs consolidate. Randy Martinson, Martinson Ag, has more.
January 17, 2024 09:24 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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