Grains close mostly higher except for KC wheat, seeing corrective buying and crude oil strength. Soybeans led with help from bean oil and SA weather. Are the grains forming bottoms? Cattle lower despite a neutral COF on a lack of cash. Chip Nellinger, Blue Reef Agri-Marketing, has details.
Grains Mostly Higher but are Bottoms Forming? Cattle Disappoint After Neutral COF
Grains close mostly higher on corrective buying and crude oil strength. Are lows forming? Cattle lower despite a neutral COF on a lack of cash. Chip Nellinger, Blue Reef Agri-Marketing, has details.
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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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