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.
November 29, 2023 11:48 AM
Related Stories
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.
Read Next
Corn conditions posted their steepest weekly drop of the year as triple-digit heat hit the Midwest and Plains. AgResource’s Dan Basse says as a result, slight revisions to national yield estimates are already underway.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
