Grains leaning higher with more China corn sales, calmer outside markets and report positioning. Livestock futures see profit taking after a higher day yesterday but cash cattle is expected to be higher this week which should keep the market supported. Brad Kooima of Kooima Kooima Varilek has more.
Grains Lean Higher with Calm Outside Markets, China Biz, Await Reports: Profit Taking in Livestock
Grains lean higher with China corn sales, calmer outside markets and report positioning. Livestock futures see profit taking but cash cattle called higher this week. Brad Kooima of Kooima Kooima Varilek 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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