Grains and hogs are lower early with a risk off day and spillover from outside markets with lower equity and crude oil prices. Corn and soybeans also see some profit taking and farmer selling after hitting chart resistance and Ukraine shipments have resumed which weighs on wheat. Live cattle continue to be supported by tight numbers and higher product values, while hogs retest contract lows.
Grains Lower Seeing Risk Off Selling, Profit Taking, Ukraine Exports Resume: Cattle Supported by Tight Supplies, New Lows in Hogs
Grains see risk off and corrective selling, plus Ukraine shipments resumed. Cattle supported with tight numbers, strong demand, but hogs hit new lows. Tomm Pfitzenmaier, Summit Commodity Brokerage.
April 19, 2023 09:15 AM
Related Stories
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.
Read Next
Senate Ag Committee’s 10-11 farm bill vote stalls the legislation, but a bipartisan 17-6 vote on mandatory country-of-original labeling keeps mandatory beef labeling alive for a potential September revote.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
