Grains mixed still trading weather and positioning ahead of the WASDE. Soybeans are up, while corn sees profit taking and a drag from lower wheat as talks resume on Black Sea grain deal. Live cattle make all-time highs again with some cash up to $300 yesterday in the north. Hogs consolidate after a big up day yesterday. Mark Schultz, Northstar Commodity has details.
Grains Mixed Early on Weather, WASDE, Black Sea Grain Deal Talks: All-Time Highs Continue in Cattle with Cash up to $300
Grains mixed on weather, pre-WASDE squaring & talks resuming on Black Sea Grain deal. Live cattle make all-time highs again with cash up to $300. Hogs consolidate. Mark Schultz, Northstar Commodity.
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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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