Grains are trading weather, but how much weather premium do corn and soybeans need to put in? And is the wheat market taking too much premium out? Cattle trade higher on tight supplies and higher cash at $171 in the south. Steve Freed with ADM Investor Services has more.
Corn and Soybeans Add Weather Premium, Wheat Takes it Out: Cattle Up with Higher Cash and Tight Supplies
Grains trade weather, but how much premium do corn and soybeans need to put in? And is the wheat market taking too much premium out? Cattle trade higher on tight supplies and higher cash. Steve Freed ADMIS.
May 24, 2023 11:59 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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