Grains Higher on Light Technical Buying, Higher CO, Exports: Cattle See Pressure From Corn

Grains mostly higher on light holiday trade on follow through technical buying, higher crude oil and export news. Cattle lower with higher corn. Hogs are down with lower cash & cutouts. Michelle Rook has an update.

Grains mostly higher on light holiday trade on follow through technical buying, higher crude oil and export news. Cattle opened higher working in the sharply higher cash on Wednesday, then turned lower when corn rallied. Hogs are down following lower cash and cutouts and despite decent exports. Michelle Rook has an update.

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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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