Row crops end higher on weather and crop ratings, but geopolitical headlines and WASDE positioning were also factors. Live cattle make all-time highs again with futures at a discount to record cash, hogs have recovered off recent contract lows but how much upside is left? Brian Grete, Pro Farmer covers it all.
Grains End Higher Except Wheat Trading Weather & Crop Ratings, WASDE: Live Cattle Hit All-Time Highs Chasing Record Cash
Grains higher except wheat trading weather, crop ratings, WASDE. Live cattle hit all-time highs chasing record cash, hogs continue to recover but how much upside is left? Brian Grete, Pro Farmer.
June 06, 2023 10:09 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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