Grains close mixed Friday with profit taking and Argentina rain weighing on soybeans, but all the grains posted higher weekly closes. Cattle ended higher on Friday with $156 cash in the South and were up for the week. Hogs ended mixed on Friday on bear spreading but back months built on Thursday’s reversals. Randy Martinson of Martinson Ag has more.
Grains End Mixed Friday but Were Higher for the Week: Cattle Closed Higher with $156 Southern Cash
Grains close mixed Friday. Profit taking & Argentina rain weigh on soybeans, but all the grains had higher weekly closes. Cattle were up on $156 southern cash. Randy Martinson, Martinson Ag has more.
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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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