Grains end lower on improved weather, profit taking after hitting resistance and ahead of the 3-day holiday and the next WASDE. Live cattle rebound with higher beef prices and higher cash bids in the South, but will the recovery continue after the key reversal? Naomi Blohm of Total Farm Marketing has insight.
Grains Close Lower on Improved Weather and Profit Taking: Live Cattle Rebound After Key Reversal Monday
Grains end lower on improved weather and profit taking ahead of the 3-day holiday and the next WASDE. Live cattle rebound with higher beef prices, but will the recovery continue? Naomi Blohm of Total Farm Marketing.
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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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