Grains open slightly lower on follow through selling then turn mixed, digesting export news and watching weather. However, all the grain markets are consolidating under Monday’s highs. So are the seasonal highs in? Rich Nelson of Allendale has the answer, plus cattle are mixed awaiting cash direction. However, hogs are under pressure with lower cutouts and fading a strong weekly export figure.
Grains Mixed Still Consolidating Under Monday’s Highs: Cattle Mixed Awaiting Cash, Hogs Lower with Softer Cutouts
Grains open slightly lower then turn mixed digesting export news and weather. Markets continue to consolidate, so are seasonal highs in? Rich Nelson of Allendale has the answer and a look at livestock.
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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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