Grains were mostly higher with new contract highs in soybean meal putting in South American weather premium, but corn was a reluctant follower. Live cattle score new contract highs on higher cash, but can the market keep moving higher? Matt Bennett of AgMarket.Net has the answers.
Grains End Mostly Higher with Soybeans and Meal Putting in SA Weather Premium: Live Cattle Score Contract Highs
Grains mostly higher with new contract highs in soybean meal putting in SA weather premium, but how high can prices go? Live cattle hit new contract highs on higher cash. Matt Bennett of AgMarket.Net has details.
January 30, 2023 02:05 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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