Corn & wheat remove war premium with Russia extending participation in the export deal, soybeans held up by soybean oil. Live cattle continue to consolidate ahead of the Fed decision, with hogs following lower cash. Michelle Rook has analysis with Chip Nellinger of Blue Reef Agri-Marketing.
Corn, Wheat Lower After Russia Resumes Export Deal, Soybean Firm with Higher BO: Live Cattle Await Fed News, Cash
Corn & wheat lower with Russia extending participation in export deal, soybeans held up by soybean oil. Live cattle consolidate ahead of the Fed decision,. Michelle Rook w/Chip Nellinger Blue Reef Agri-Marketing.
November 02, 2022 01:02 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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