Grains open lower with corn seeing harvest pressure and technical selling, while wheat is suffering Black Sea war fatigue and rain chances in winter wheat areas weigh on the market. Soybean caught between lower meal and higher soybean oil. Cattle had a chart breakout Monday but is the market going to make it through the next resistance area on the charts? Hogs get a push from technical buying and stronger fundamentals. Michelle Rook talks with Garrett Toay of AgTrader Talk.
Grains Lower on Technical Selling and Harvest Pressure: Livestock See More Fund Buying After Strong Close Monday
Grains open lower with harvest pressure and technical selling. Cattle and hogs see fund buying after strong chart action Monday and decent fundamentals. Michelle Rook talks with Garrett Toay of AgTrader Talk.
October 18, 2022 08:51 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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