Grains still higher at midday but row crops are off session highs with some profit taking after running into chart resistance and going into a holiday, but still supported by Brazil weather. Cattle see fund selling. Allison Thompson, The Money Farm, has more.
Grains Higher on SA Weather but Off Highs on Profit Taking: More Fund Selling in Cattle
Grains still higher but row crops off session highs w/some profit taking after running into chart resistance, but still supported by Brazil weather. Cattle see fund selling. Allison Thompson, The Money Farm, has more.
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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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