Grains sharply higher putting in war and weather premium. Corn and soybeans take out critical chart resistance. Cattle and hogs set back with higher corn and meal, despite strong cash. Vince Boddicker with Farmers Trading Company has more.
Grains Higher Putting in War and Weather Premium: That Pressures Cattle and Hogs Despite Strong Cash
Grains sharply higher putting in war and weather premium. Corn, beans get above chart resistance. Cattle and hogs set back with higher corn and meal, despite strong cash. Vince Boddicker, Farmers Trading Company.
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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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