Grains higher on short profit taking, geopolitical concerns but still playing the weather card. Cattle supported by higher cash tone, milk futures higher but is $20 milk in the cards? Bryan Doherty, Total Farm Marketing has the outlook.
Grain, Livestock, Milk Markets Mostly Higher Midday: Corrective Buying, Geopolitical Concerns, Weather All Factors
Grains up on profit taking, geopolitical concerns but still following weather. Cattle supported by a higher cash tone, milk futures are up but is $20 milk in the cards? Bryan Doherty, Total Farm Marketing has
August 04, 2023 11:34 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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