Grains trade higher continuing to work in USDA Report numbers, the weather and higher crude oil with possible OPEC production cuts. Live cattle higher again after new contract highs Friday but feeders see profit taking with higher corn and hogs are also back lower. Allison Thompson with The Money Farm has analysis.
Grains Higher Still Working in Report Numbers, Weather and Higher Crude Oil: Live Cattle Extend Gains
Grains higher continuing to work in USDA Reports, weather & higher crude oil with possible OPEC production cuts. Live cattle up again after new highs Friday. Allison Thompson with The Money Farm has analysis.
April 03, 2023 09:04 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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