Corn and wheat seeing some end of year profit taking and with COVID cases surging in China, while soybeans are still holding some SA weather premium. Cattle are also supported by weather, with profit taking in the hogs. Chuck Shelby of Risk Management Commodities explains.
Grain and Livestock Futures Mixed: EOY Profit Taking, China COVID Cases, Weather Drive Markets
Corn and wheat seeing some end of year profit taking, while soybeans are building SA weather premium. Cattle are also supported by weather, profit taking in the hogs. Chuck Shelby of Risk Management Commodities.
December 29, 2022 12:31 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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