Darin Newsom with Barchart and I got a bit long winded this morning but there is so much to talk about! The main one you want to listen for is whether or not he thinks the grain markets are bottoming, especially after the key reversals in wheat. But is it technical or fundamental? Plus, we discuss if crude oil bottomed, the jobs numbers and more!
Grains Higher on Weather, Technical Buying but are the Bottoms In? Cattle Rebound After a Down Week, Hogs Fail
Darin Newsom with Barchart discuss whether or not he thinks the grain markets are bottoming, especially after the key reversals in wheat. But is it technical or fundamental? Plus, we discuss if crude oil bottomed.
May 05, 2023 09:35 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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