Grains open lower with outside markets like the higher dollar a negative influence, however profit taking, harvest pressure and the collapse of cash basis levels are also factors. Livestock are trying to recover after fund selling Tuesday but live cattle continue to struggle. Michelle Rook talks with Nick Tsiolis of Farmer’s Keeper.
Corn and Beans See Pressure as Dollar Rebounds: Hogs Bounce while Live Cattle Struggle
Grains open lower pressured by the higher dollar, corrective selling, harvest pressure and collapsing cash basis. Livestock try to bounce. Michelle Rook talks with Nick Tsiolis of Farmer’s Keeper.
October 05, 2022 02:37 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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