Corn hits 2-year lows then bounces with soybeans which are up on export biz, SA crop concerns and fund buying after taking out chart resistance. Wheat mixed trying to follow beans but suffering from weak demand. Cattle see profit taking awaiting cash. And the dollar is down sharply after putting in a reversal. Darin Newsom, Barchart, has details.
Soybeans Surge on Export Biz & Fund Buying, Corn Tries to Follow Bouncing Off 2-Year Low: Cattle See Profit Taking Awaiting Cash
Soybeans surge on export biz, SA crop concerns & fund buying, corn & wheat try to follow as corn holds 2-year lows. Cattle see profit taking awaiting cash. The dollar is down sharply. Darin Newsom, Barchart, has more.
November 03, 2023 09:16 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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