Grains Mixed at Midday on Consolidation and Report Positioning: Livestock See Short Covering Bounce and Decent Exports Supportive

Corn and soybeans holding small gains helped by the weaker dollar and decent exports. Livestock supported by short covering and strong weekly exports. Michelle Rook talks with Randy Martinson of Martinson Ag.

Grains are mixed at midday with corn and soybeans trying to hold early gains with help from the easing dollar, decent exports and report positioning. Wheat is lower with some profit taking. Cattle and hogs are seeing short covering as they are oversold and weekly exports were also helpful. Michelle Rook talks with Randy Martinson of Martinson Ag.

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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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