Grains Lower on Technical Selling, Weather: Cattle Continue to Correct

Grains see pressure on weather, technical selling after hitting resistance and wheat struggles as EU prices tumble. Cattle continue to correct, with spread unwinding with hogs. Allison Thompson, The Money Farm.

Grains continue to see pressure on more favorable weather, technical selling after hitting resistance and wheat struggles following corn and beans and as EU prices tumble. Cattle continue to correct ahead of cash and with spread unwinding with hogs. Allison Thompson of The Money Farm has more.

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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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