Grains rebound after lower opening with reversal in outside markets despite the bearish CPI number and talk Russia may exit export deal. Livestock see mixed to lower trade with higher corn and despite higher cash cattle and hog trade reported. Michelle Rook talks with John Payne of Hedge Point Global Markets.
Grain Rebound On Turn in Outside Markets, Talk of Russia Pulling Out of Export Deal: Livestock Lower Despite Higher Cash
Grains reverse with outside markets amid bearish CPI, talk of Russia exiting export deal. Livestock lower despite higher cash cattle trade. Michelle Rook talks with John Payne of Hedge Point Global Markets.
October 13, 2022 02:01 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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