After a choppy session, grains end higher on weather forecast, Drought Monitor, WASDE positioning, the rally in soybean oil and technical buying in wheat. Cattle ended lower but did we confirm the key reversals and a top? Hogs continue to consolidate after the recent recovery with the lack of new buying and a bullish story. Dave Chatterton of Strategic Farm Marketing has analysis.
Grains End Higher on Weather Forecast, Drought Monitor, WASDE Positioning: Cattle End Lower But Rally May Not be Over
Grains end higher on weather forecast, Drought Monitor, WASDE positioning. Cattle markets lower but did we confirm a top? Hogs consolidate after the recent recovery. Dave Chatterton, Strategic Farm Marketing.
June 08, 2023 02:25 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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