Wheat rallies with talk of China looking for U.S. wheat and seeing corrective buying, while soybeans are off highs after hitting chart resistance and watching Brazil rain chances, plus the lack of China biz confirmation. Corn hits more new lows but is trying to hold. Cattle and hogs continue to recover, so are the lows in? DuWayne Bosse, Bolt Marketing, has more.
Wheat Rallies on Talk of China Biz, Row Crops 2-Sided: Cattle and Hogs Confirming Lows?
Wheat rallies with talk of China biz, plus corrective buying, Soybeans off highs w/Brazil rain chances, corn makes new lows. Cattle & hogs consolidating, so are the lows in? DuWayne Bosse, Bolt Marketing, has more.
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Joe Kooima of Kooima Kooima Varilek says funds continue to pressure the cattle futures and he anticipates that will continue after last week’s lower weekly closes.
Allison Thompson with The Money Farm says the failure was likely position squaring heading into the three day holiday plus markets ran into chart resistance and saw some profit taking.
Scott Varilek with Kooima Kooima Varilek says cattle futures were struggling early Thursday with lower cash as the packers are trying to break the market with their own inventory.
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