Grains lower removing war premium with an extension of the Black Sea Export Deal and risk off outside markets. Feeders bounce on the lower grains, with live cattle mixed on report positioning. Hogs lower on exports and big slaughter. Michelle Rook is joined by Scott Varilek of Kooima Kooima Varilek.
Grains Lower with Black Sea Export Deal, Risk Off: Cattle Mixed on Report Positioning, Hogs Lower
Grains lower w/extension of Black Sea Export Deal, risk off outside markets. Cattle mixed on report positioning. Hogs lower on exports, big slaughter. Michelle Rook w/Scott Varilek of Kooima Kooima Varilek.
November 17, 2022 09:02 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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