Grains continue to be mostly lower on fund liquidation, harvest pressure, rain changes in the South Plains and demand concerns. Yet grains are still rangebound. Livestock futures continue to see technical buying and strong fundamentals but how far will those markets extend? Michelle Rook talks with Steve Freed ADM Investor Services.
Grains Lean Lower on Technical Selling, Harvest Pressure, Demand Concerns: Livestock See Fund Buying with Strong Fundamentals
Grains mostly lower on technical selling and demand/export concerns but still rangebound. Livestock up with technical buying and strong fundamentals. Michelle Rook talks with Steve Freed ADM Investor Services.
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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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