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.
March 07, 2023 01:25 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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