Grain and livestock prices are seeing mixed action with many markets consolidating as they hit chart or technical resistance. The market is posturing as well ahead of the Fed announcement and awaiting fresh news out of the Black Sea. The U.S. dollar index made new highs again and crude oil is lower so that is also having an impact on action. Michelle Rook is joined by Oliver Sloup of Blue Line Futures.
Grain and Livestock Prices Mixed: Trade Fed News, Strong Dollar, Black Sea Updates
Grain and livestock prices are mixed with many markets consolidating with the strong dollar and awaiting the Fed and Black Sea news. Michelle Rook is joined by Oliver Sloup of Blue Line Futures.
September 21, 2022 11:20 AM
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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.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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