Grains have a higher close led by wheat adding risk premium tied to war and weather. Dec corn closes above the 100 day MA, Nov soybeans above $14 and wheat with double digit gains. How high do prices project? Live cattle hit more contract highs with higher cash ideas. Milk futures were soft but have they bottomed? Bryan Doherty, Total Farm Marketing.
Grains Close Higher Adding Risk Premium on War and Weather: Contract Highs in Live Cattle, with Milk Prices Bottoming?
Grains higher adding risk premium tied to war and weather. How high do prices project? Live cattle hit more contract highs, milk futures were soft but have they bottomed? Bryan Doherty, Total Farm Marketing.
July 19, 2023 05:08 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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Analysts Dan Basse and Chip Nellinger say $6 corn is looking likely this year. While there’s always risk as the funds post such a long position, there is another factor that could push prices past $6, and that’s tied to El Niño.
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