Grains lower with profit taking in soybeans and meal, rain in the forecast for Argentina on the midday runs and China tensions rising. Corn and wheat following but the higher dollar isn’t helping. Cattle are trading mostly higher with new contract highs in nearby LC on lower corn, higher cash and cutouts. Hogs are also concerned about the China news and the futures premium to the LHI. Randy Martinson of Martinson Ag has more.
Grains and Hogs Mostly Lower on Technical Selling, China Tensions: Cattle Mostly Higher with Firmer Cash and Cutouts
Grains mostly lower on technical selling, Arg. rain chances, China tensions rising. Cattle lean higher with lower corn, higher cash, cutouts. China news pressures hogs. Randy Martinson of Martinson Ag has more.
February 06, 2023 11:37 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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