Grains all higher midday after a mixed start with corn and soybeans oversold and seeing corrective buying and positioning ahead of the WASDE. Cattle firm up with winter weather and higher beef, while hogs are up for the 4th day forming a season low. Kent Beadle, Paradigm Futures, has more.
Grain and Livestock Markets Turn Mostly Higher: Is a Bigger Rally in Store?
Grains all higher midday with corn and soybeans oversold and seeing some corrective buying pre-WASDE. Cattle firm up with winter weather and hogs forming a season low. Kent Beadle, Paradigm Futures, has more.
January 09, 2024 11:54 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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