Grains end mixed with report positioning and profit taking in soybeans, meal and bean oil. Outside markets were also bearish with the higher dollar and lower crude oil. Live cattle consolidated under new highs awaiting cash with new highs again in feeders. Hogs continue to try to find a bottom. Brian Grete with Pro Farmer has details.
Grains End Mixed with Profit Taking and Report Positioning: Live Cattle Consolidate Await Cash, Deferred Hogs Fail
Grains end mixed with report positioning and profit taking in soybeans, meal and bean oil. Cattle consolidate under new highs awaiting cash. Hogs continue to try to find a bottom. Details w/Brian Grete of Pro Farmer.
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Joe Kooima of Kooima Kooima Varilek says the bounce in cattle isn’t unexpected as Friday’s selloff may have been overdone and with the financial markets seeing a recovery.
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
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