Grains end mixed with wheat slightly higher after continuing to chase Black Sea headlines. Corn and soybeans end lower on profit taking and hedge selling. Cattle make new highs then crash despite higher cash at $180 in the South and $188 to $191/$295 in the North. The Dow soared but how far will it go and what impact will it have on ag commodities? Darin Newsom with Barchart has analysis.
Wheat Slightly Higher Chasing War Headlines, Profit Taking Hits Row Crops, Cattle Make News Highs Then Crash Despite Higher Cash
Wheat ends slightly higher Thursday, but corn and soybeans finally set back. Cattle hit new highs then crashed despite higher cash. Darin Newsom with Barchart has the analysis.
July 20, 2023 06:14 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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