Grains see some early strength with soybeans building on the strong close over $15 yesterday and higher meal prices, exports were also supportive of the grains. Cattle futures continue to show bullish optimism in the deferreds, but cash will be important for the nearbys. April lean hogs should find support around $80. That’s according to John Payne of Hedge Point Global Markets.
Grains Higher with Export News and Technical Buying with Soybeans Above $15: Livestock Under Pressure with Profit Taking in Cattle
Grains and cotton higher with technical buying and supportive export news. Cattle seeing profit taking awaiting cash. Hogs also lower. John Payne of Hedge Point Global Markets.
January 26, 2023 09:01 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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