Soybeans up on technical buying but corn falls with wheat on profit taking and the higher $. New highs in cattle as funds buy with firmer cash ideas, hogs fall on lower cutouts and strike talk at a Minnesota plant. Mark Schultz, Northstar Commodity has details.
Soybeans See Technical Buying, Corn Follows Wheat Lower on Profit Taking, Higher Dollar: Cattle Back Into New Highs
Soybeans see fund buying, corn falls with wheat on profit taking and the higher $. New highs in cattle as funds buy w/firmer cash ideas. Hogs fall with cutouts and strike talk. Mark Schultz, Northstar Commodity has more.
September 14, 2023 02:38 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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