Corn and soybeans lower early with profit taking and slow exports, while wheat is trying to hold weather premium. Livestock seeing profit taking to start after the big up day Wednesday and new contract highs in live cattle, plus beef exports were poor. However, feeders and hogs rebound with EOY and report positioning. Michelle Rook breaks it down.
Grain and Livestock Futures Mixed: EOY Profit Taking and Disappointing Exports
Grains mixed with profit taking and slow exports weighing on row crops, wheat supported by weather. Livestock open lower then turn mixed with holiday, EOY and report positioning. Michelle Rook breaks it down.
December 22, 2022 09:36 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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