Grains mostly higher with fund buying and SA weather supportive. Soybeans close above $15, will the rally keep going? Cattle and hogs trade two-sided on EOY positioning, with cattle awaiting cash direction. Chip Nellinger, Blue Reef Agri-Marketing has analysis.
Grains Mostly Higher with Beans Closing Above $15: Livestock Mixed to Higher
Grains mostly higher on fund buying and SA weather. Soybeans close above $15, will the rally keep going? Livestock trade two-sided on EOY squaring. Chip Nellinger, Blue Reef Agri-Marketing has more.
December 28, 2022 02:26 PM
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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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