Grains rally on weather, big drop in crop ratings and subsoil moisture levels, plus fund buying. Corn, soybeans, even KC wheat close above key chart areas so how much upside is there? Cattle consolidate with higher corn but is there much downside risk? And hogs see some profit taking with higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage has details.
Grains Explode on Weather, Drop in Ratings and Close Above Key Resistance: Cattle and Hogs Consolidate in Face of Higher Feed
Grains rally on weather, drop in ratings, subsoil moisture, fund buying. How much upside is left? Cattle consolidate w/ corn up. Profit taking in hogs w/higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage.
June 21, 2023 02:50 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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