Grains saw a technical bounce with help from outside markets, strong soybean exports and fresh business. Live cattle pushed to new highs for the move with help from higher cash and cutouts. Hogs crawled back to end mostly higher except December, with strong weekly exports and cash supportive. Michelle Rook gets a summary from John Heinberg of Total Farm Marketing.
Grains Rally on Risk on Outside Markets, Soybean Export News: LC Hit Fresh Highs on Higher Cash
Grains up on technical bounce and help from outside markets, strong soybean exports. LC made new highs for the move on higher cash and cutouts. Michelle Rook talks to John Heinberg of Total Farm Marketing.
October 20, 2022 02:18 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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