An ugly day in corn and wheat futures with massive technical selling, closing below key support. Soybeans recovered despite another sharply lower day in soybean oil. Cotton was also lower. Livestock closed mostly higher, with lower corn, firmer cash cattle trade and technical buying in hogs. Darren Frye with Water Street Solutions has details.
Ugly Technical Day in the Corn and Wheat Markets, but Soybeans Recover: Livestock Higher
Massive technical selling in corn and wheat, closing below key support. Soybeans recovered despite lower BO. Livestock mostly higher, with firm cash cattle and technical buying. Darren Frye, Water Street Solutions.
December 02, 2022 05:24 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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