Grains see strength on risk on outside markets, fresh export business in soybeans. However, cash basis is the real story. Live cattle extend gains with fund buying, feeders and hogs set back on profit taking and fading strong weekly exports. Michelle Rook is joined by Darin Newsome of Darin Newsome Analysis.
Grains Higher on Risk on Outside Markets, Fresh Soybean Export Biz, But Cash Basis the Real Story: Livestock Mixed
Grains higher on risk on outside markets, fresh export business in soybeans, but cash basis is the real story. Live cattle up on fund buying. Michelle Rook is joined by Darin Newsome of Darin Newsome Analysis.
October 20, 2022 08:49 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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