Wheat under pressure as inspections resume in the Black Sea and some rain chances in HRW areas. Corn and soybeans bounced off support with no China cancellations. Grains also see some WASDE positioning. At these prices should livestock producers get feed needs lined up? Nick Tsiolis, Farmer’s Keeper has details.
Wheat Down on Weather, Black Sea News While Corn and Beans Hold Support Ahead of WASDE
Wheat under pressure as inspections resume in the Black Sea and some rain chances in HRW areas. Corn and soybeans bounced off support with no China cancellations, WASDE positioning. Nick Tsiolis, Farmer’s Keeper.
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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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