Grains were lower with wheat leading the slide as moisture hits HRW areas and profit taking hitting corn and soybeans. It was also a risk off day with the slide in crude oil. Cattle ended mostly higher with strong cash and cutouts and weather supportive. Hogs set back on profit taking and the sharply lower cutouts Tuesday. DuWayne Bosse of Bolt Marketing has details.
Grains End Lower with Profit Taking, Moisture in HRW Areas: Bullish Fundamentals Support Cattle, Hogs Follow Lower Cutouts
Wheat sharply lower with moisture in HRW areas, profit taking hit corn and soybeans. Cattle ended mostly higher on bullish fundamentals. Hogs follow lower cutouts. DuWayne Bosse of Bolt Marketing has details.
February 22, 2023 02:23 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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