Grains lean higher except wheat, which faded the Russia export news. Old crop corn and soybeans continue to recover from the recent losses and corn demand has improved, but those markets are running into chart resistance and further buying depends on the reports. Cattle continue to look strong, but why do funds keep pushing the short side of the hogs? Ted Seifried with Zaner Ag Hedge has the answers and a preview of USDA reports!
Corn and Soybeans Continue Recovery on Fund Buying and Improved Demand, Wheat Fades Russia Export News: Livestock Mixed
Grains higher except wheat, fading Russia export news. Old crop corn & beans recovering on demand but further buying depends on the reports. Cattle look strong, but funds sell hogs. Ted Seifried, Zaner Ag Hedge
March 29, 2023 03:32 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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