Grains higher early except corn, but soybeans and meal are starting to slide as well. Pre-report positioning, SA weather and China trade concerns still being talked about. Wheat getting some support from a lower TX crop rating. Cattle are consolidating after contract highs in LC yesterday, while hogs started higher but are seeing technical selling pressure set back in. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
Grains Mixed Early on Report Positioning: Livestock Mostly Lower with Profit Taking in Live Cattle
Grains mixed w/report positioning and profit taking in meal and soybeans. Wheat supported on a lower crop rating in TX. Cattle consolidate after new highs. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
February 07, 2023 09:25 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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