Grain prices mostly higher, except wheat in a risk on day with outside markets like crude oil higher and the dollar sharply lower. What will it take to get corn and soybeans to close above $7 and $14? A disappointing day in livestock futures which faded the equity rally and saw more fund selling on early strength. Michelle Rook has analysis with Brian Grete of Pro Farmer.
Grain Prices Mostly Higher Except Wheat, in a Risk on Day: Livestock Continue to See Fund Liquidation
Grain prices mostly higher, except wheat, in a risk on day, while livestock faded higher equities as funds liquidated. Michelle Rook talks with Brian Grete of Pro Farmer.
October 04, 2022 02:55 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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