Grains end with corn slightly higher and wheat off session lows. So, has the market absorbed the Black Sea Export Deal extension? Soybeans saw technical selling pressure with the sharp drop in bean oil and SA weather. Cattle higher on lower corn, $1-$2 higher cash trade and report positioning. Will LC take out the contract highs? Michelle Rook w/Matt Bennett, AgMarket.Net
Grains End Mixed, Has the Market Worked in Black Sea Export Deal? Cattle Follow Higher Cash
Corn ends slightly higher, wheat off lows, absorbing the Black Sea Export Deal extension. Soybeans saw technical selling pressure w/lower BO. Cattle strong w/higher cash. Michelle Rook w/Matt Bennett, AgMarket.Net
November 17, 2022 02:13 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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