Grains are seeing corrective buying end of month and after running into chart resistance, plus a risk off in outside markets. Live cattle are also seeing profit taking after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
Grains and Live Cattle Lower on Profit Taking End of Month and With Risk Off in Outside Markets: Hog Continue to Recover
Grains see corrective buying end of month, hit resistance, plus risk off in outside markets. Profit taking in LC after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
January 31, 2023 09:00 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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