Grain and livestock markets are mostly lower except soybeans. Fund selling continues in corn and wheat, with risk off including lower crude oil and bearish weather. Soybeans holding up better despite that. Cattle and hogs are seeing some consolidation with a higher dollar. Cattle should be well supported with the futures discount to the cash, while hogs are waiting for cash and cutouts to catch up. Mike Minor of Professional Ag Marketing has details.
Grain and Livestock Markets Mostly Lower with Risk Off Fund Selling, Weather: Livestock Futures Eye Cash and Product Values
Fund selling continues in corn and wheat, with risk off including lower crude oil and bearish weather. Cattle and hogs consolidate with a higher dollar. Mike Minor, Professional Ag Marketing has details.
May 01, 2023 11:32 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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