Markets continue lower except cattle at midday. Corrective selling and lower crude oil pressuring corn and beans as well as the sharply lower wheat market with moisture in HRW areas. Cattle continue to see support from higher cash, cutouts, weather and lower corn. Hogs down with a drop in the cutouts. Randy Martinson of Martinson Ag has details.
Grains Lower on Profit Taking, Moisture in HRW Areas, Drop in Crude Oil: Cattle Extend Gains on Strong Fundamentals
Corn & soybeans down on corrective selling, plus lower CO and wheat with moisture in HRW areas. Cattle extend gains on strong fundamentals, lower cutouts weigh on hogs. Randy Martinson of Martinson Ag has more.
February 22, 2023 11:32 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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