Grains gap higher on drop in crop ratings and fund buying, only bean oil is lower on the disappointing EPA RFS proposal. Cattle consolidate with higher corn, lower cash and cutouts. while hogs see profit taking anticipating a cash peak soon and with higher soybean meal and corn. Kent Beadle, Paradigm Futures.
Grains Gap Higher on Drop in Crop Ratings, BO Lower on EPA RFA Numbers: Cattle Consolidate with Lower Cash, Higher Corn
Grains gap higher on drop in crop ratings, fund buying, only BO is lower on the EPA RFS proposal. Cattle consolidate with higher corn, lower cash, cutouts. Hogs see profit taking. Kent Beadle, Paradigm Futures.
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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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