Grains closed mixed with corn and KC wheat running into chart resistance, but new highs in soybean meal on Argentina weather supported soybeans. Livestock rebounded on technical short covering, but cattle are still digesting the inventory numbers and got help from strong exports. Chip Nellinger of Blue Reef AgriMarketing has more.
Grains End Mixed with Corn and KC Wheat Hit Chart Resistance, New Highs in Meal Supports Soybeans: Short Covering in Livestock
Grains closed mixed as corn and KC wheat hit chart resistance, but new highs in soybean meal helped soybeans. Livestock rebounded on technical short covering. Chip Nellinger of Blue Reef AgriMarketing has more.
February 02, 2023 02:08 PM
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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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