Wheat leads the grain rally as Black Sea war news causes short covering and that spills over to support corn and beans. Corn has a chart breakout, so can it keep going? Cattle continue to correct, while hogs bounce with strong exports. Dave Chatterton, Strategic Farm Marketing, has details.
War News Rallies Wheat and Pulls up Row Crops, Corn has Chart Breakout: Cattle Continue to Correct, Hogs Bounce
Wheat sees short covering on war news, spilling over to support row crops. Corn has a chart breakout, so can it keep going? Cattle consolidate, hogs bounce. Dave Chatterton, Strategic Farm Marketing, has details.
October 05, 2023 02:22 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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