Grains all turn higher on weather and technicals, plus soybeans supported by the possible strike in Argentina & NOPA crush. Cattle rebound with higher boxed beef and cash ideas, with short covering in hogs. DuWayne Bosse of Bolt Marketing explains.
Grains All Higher on Weather, Argentina Strike, Technicals: Cattle Resume Rally on Higher Cash Ideas with Short Covering in Hogs
Grains all higher on weather and technicals, plus soybeans eye a strike in Argentina & NOPA crush. Cattle bounce on higher beef and cash ideas, with short covering in hogs. DuWayne Bosse of Bolt Marketing explains.
April 17, 2023 11:33 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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