Grains Lower with Technical Selling, Demand Woes, Holiday Trade: Cattle see Profit Taking, Hogs Mixed

Grains lower on light preholiday volume. Demand concerns & China’s rising COVID cases caused light technical selling. Cattle saw profit taking pressure with hogs mixed. Michelle Rook w/ Randy Martinson, Martinson Ag.

Grain markets lower on Tuesday on light preholiday volume. Demand concerns and China’s rising COVID cases caused light technical selling. Cattle saw profit taking pressure with hogs mixed. Michelle Rook with Randy Martinson of Martinson Ag.

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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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