Grain mixed early with soybeans setting back despite new highs in meal again. So is the market losing momentum? Corn basis strongest in 20 years so what does that mean for marketing? Cotton and cattle higher. Darin Newsome, Sr. Market Analyst for Barchart has details.
Grains Mixed with Soybean Setting Back Despite New Highs in Meal: Cattle and Cotton Higher
Grain mixed early with soybeans down despite new highs in meal again. Corn basis strongest in 20 years so what does that mean for marketing? Cotton and cattle higher. Darin Newsome, Barchart Sr. Market Analyst
December 09, 2022 09:06 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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