Grains are mixed early with corn and new crop soybeans getting support from dry weather and ideas of lower crop ratings. Wheat mixed. Live cattle see some short covering and with strong beef values with feeders down on higher corn and technical buying in hogs after a higher weekly close and stronger cash. Kent Beadle, Paradigm Futures.
Corn and New Crop Soybeans Put in Weather Premium, Wheat Mixed: Cattle and Hogs Watch Corn and Cash
Corn and new crop soybeans up on dry weather and ideas of lower crop ratings. Wheat mixed on spreads. Live cattle see short covering w/strong beef values and cash pushes hogs. Kent Beadle, Paradigm Futures.
June 12, 2023 09:31 AM
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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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