Grain prices rally at midday with wheat taking the leadership role on corrective buying and that is supporting corn and soybeans, despite negative outside markets. Is money flowing into commodities? Live cattle scored new contract highs in the February on back on fund buying and higher cash ideas, feeders reacting to higher corn. Meanwhile hogs are mixed. Michelle Rook gets details with Vince Boddicker of Farmers Trading Company.
Grain Prices Rally Midday, Despite Negative Outside Markets: Livestock Prices Mixed: Is Money Flowing Into Commodities?
Grain prices rally. Wheat leads on corrective buying, pulls row crops, despite negative outside markets. Deferred live cattle hit contract highs. Michelle Rook talks with Vince Boddicker of Farmers Trading Company.
September 20, 2022 11:16 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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