Soybeans higher on hot dry weather and better new crop exports, corn tries to follow but fights lower wheat with more technical selling and weak demand. Cattle continue to see fund selling with steady to lower cash, hogs bounce. Mark Schultz, Northstar Commodity has more.
Soybeans Up on Weather and New Crop Exports, Corn Tries to Follow with Technical Selling in Wheat: Cattle Digest Steady/Lower Cash
Soybeans up on hot dry wx & new crop exports, corn follows but fights lower wheat with more technical selling. Cattle see fund selling with steady/lower cash, hogs bounce. Mark Schultz, Northstar Commodity has more.
August 17, 2023 11:57 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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