Grains higher except old crop corn. Gains in soybeans, meal and wheat mostly short covering end of quarter and ahead of USDA’s data dump. Corn saw spread unwinding. Live cattle traded 2-sided but ended slightly higher waiting for higher cash, while hogs saw profit taking. John Heinberg of Total Farm Marketing has details.
Grains End Mostly Higher as Beans and Meal Lead on Short Covering: Live Cattle Firm with Profit Taking in Hogs
Gains in beans, meal and wheat mostly short covering end of quarter ahead of USDA’s data dump. Live cattle slightly higher awaiting higher cash, hogs saw profit taking. John Heinberg, Total Farm Marketing has more.
March 28, 2023 02:04 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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