Grains supported by a short covering rally in wheat, but wheat is off its highs with conflicting reports on whether or not Russia will temporarily ban exports. Hogs and live cattle are also seeing a short covering bounce, but is this bottoming action? Mike Zuzulo, Global Commodity Analytics has analysis.
Grains Higher Led by Short Covering Rally in Wheat Amid Conflicting Reports on Russia Export Ban: Live Cattle and Hogs Also Bounce
Grains up led by a short covering rally in wheat, amid conflicting reports on a Russia export ban. Hogs and live cattle see short covering but is this bottoming action? We ask Mike Zuzulo, Global Commodity Analytics.
March 24, 2023 11:29 AM
Related Stories
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.
Read Next
After years of dry falls, a historic El Niño could cut U.S. farmers’ fall field-workable days by 20%, Nutrien’s Eric Snodgrass warns, while drying delays and flat acreage threaten Brazil and Argentina’s 2026-2027 crop.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
