Grains Mixed Awaiting Fresh News, Fed Decision with Short Covering in Wheat: Cattle and Hogs Continue to Grind Higher

Grains mixed early. Wheat sees short covering after new lows in KC and MN, row crops looking for direction, await FOMC. Livestock building on recent gains. Vince Boddicker, Farmers Trading Company, has more.

Grains mixed early with wheat seeing short covering after new lows in KC and MN, row crops looking for direction and awaiting the FOMC decision. Livestock continue to build on recent gains. Vince Boddicker, Farmers Trading Company, 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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