A mostly lower start in grain and livestock futures. A risk off day in the outside markets with a higher dollar on better-than-expected Jobs Report spills over into commodity sector. Soybean meal scores contract highs again overnight, Argentina crop conditions improve but extended weather is hot and dry. Allison Thompson of The Money Farm has details.
Early Pressure in Most of the Ag Markets with a Risk Off Day in Outside Markets and Higher Dollar, Argentina Outlook Mixed
A mostly lower start in grain and livestock futures. A risk off day in the outside markets, with a higher dollar, spills over. Argentina conditions are mixed. Allison Thompson of The Money Farm has details.
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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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