Soybeans took off on the open of the CME Globex overnight market and haven’t slowed down yest. At one point the November contract was threatening a limit-up move of 70-cents. Corn and wheat went along for the ride, holding on tight as beans rocketed higher. The energy complex turned lower as the U.S. dollar index moved higher, while metals were mixed.
The cattle complex seems likely to open on a mixed basis thanks to an early week combination of follow-through selling and short-covering. Lean hog contracts should also begin with uneven price action as traders resume the debate over whether the board is discounted too much or too high.
To hear the complete report with Harold House from the Kansas City Trade Group and KMZU’s Mandy Young click below: