Grains see two-sided trade consolidating, while watching outside markets like crude oil which is seeing a plunge. Cattle seeing higher prices on cash strength and ahead of the report, while hogs see seasonal weakness and profit taking. Michelle Rook w/ Chuck Shelby of Risk Management Commodities.
Grains Mixed Consolidating, Watching Outside Markets: Strong Cash Supports Cattle
Grains two-sided, consolidate watching outside markets like lower crude oil. Cattle seeing higher prices on cash strength with profit taking in hogs. Michelle Rook w/ Chuck Shelby of Risk Management
November 18, 2022 09:08 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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