Grain markets lower early with harvest pressure, disappointing exports and the higher dollar once again factors. Livestock open higher then turn mixed. Hogs trying to bounce off 10 month lows with decent exports, while cattle continue to see technical selling on rallies and with lower cutouts. Michelle Rook is joined by Allison Thompson of The Money Farm.
Grains Lower with Harvest Pressure and Slow Exports: Livestock Open Higher then Turn Mixed
Grain markets lower early with harvest pressure, slow exports and the higher dollar once again factors. Livestock open higher then turn mixed. Michelle Rook is joined by Allison Thompson of The Money Farm.
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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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