Grains mixed early with wheat higher putting in risk premium and bouncing off technical support, profit taking in soybeans and meal with some concerns about rising China tensions. Corn is caught in the middle despite some export biz to Mexico and Japan. Live cattle are consolidating after new contract highs last week and steady to higher cash in the north. Funds are back selling hogs on the Chinese news. Kent Beadle of Paradigm Futures has details.
Grains Mixed with Profit Taking in Soybeans, Wheat Putting in Risk Premium: Cattle Consolidate After New Highs
Wheat higher putting in war premium, soybeans and meal lower on profit taking and Chinese tensions. Corn is caught in the middle. Cattle consolidate, while hogs see fund selling. Kent Beadle of Paradigm Futures.
February 06, 2023 09:15 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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