Grains end mostly higher Monday on weather and technical buying heading into the WASDE. Cattle futures make more new contract highs on record high cash and the tightest numbers are yet to come. DuWayne Bosse of Bolt Marketing has more.
Grains Higher Except Soybeans Trading Weather and WASDE: Contract Highs in Cattle After Record Cash
Grains end mostly higher Monday on weather and technical buying heading into the WASDE. Cattle futures make more new contract highs on record high cash but is the top in sight? DuWayne Bosse of Bolt Marketing.
April 10, 2023 02:14 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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