Grains firmer to start with new contract highs in soybean meal on Argentina weather concerns supporting soybeans, corn and wheat see corrective buying. More profit taking in cattle with lower cutouts, while hogs are seeing a bounce with a rebound in cutouts and firmer cash. Michelle Rook has analysis.
Grains Higher with Corrective Buying in Corn and Wheat, SA Weather Supports Soybeans and Meal: Lower Cutouts Hit Cattle, Hogs Bounce
Soybeans higher with new contract highs in soybean meal on Argentina weather, corn and wheat see corrective buying. More profit taking in cattle w/ lower cutouts, while hogs up. Michelle Rook has analysis.
December 07, 2022 08:55 AM
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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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