Grains starting to drift with positioning ahead of reports, but old crop corn and soybeans have also hit some chart resistance. Cattle advance for the 5th day as funds reenter the market and with anticipation of higher cash. Hogs have turned mixed with the Hogs and Pigs Report out shortly. Jeff Hoogendoorn of Professional Ag Marketing has more.
Grains Drift in Report Mode, With Some Markets Hitting Chart Resistance: Cattle Build in Higher Cash, Hogs Square Ahead of USDA Data
Grains starting to drift in report mode, but some markets hit chart resistance. Funds buy in cattle working in higher cash. Hogs mixed ahead of Hogs and Pigs Report. Jeff Hoogendoorn, Professional Ag Marketing.
March 30, 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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