Grains mixed early with soybeans trading the hot dry forecast and strong new crop exports, corn is trying to follow despite a lower wheat. Cattle look tired, while hogs try to bounce with better exports. Global and China economic concerns continue to be a concern for commodity markets. Mike Zuzulo, Global Commodity Analytics has more.
Soybeans Up on Weather and Exports, Corn Tries to Follow with Economic Concerns in the Shadows: Cattle Look Tired with a Bounce in Hogs
Beans up on wx & exports, corn tries to follow despite lower wheat. Cattle look tired, while hogs try to bounce. Global economic news a concern for commodities. Mike Zuzulo, Global Commodity Analytics has more.
August 17, 2023 09:25 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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