Grains bounce off their lows after holding support and with positioning ahead of the WASDE. Is most of the bearishness already factored into prices? Live cattle chop awaiting cash direction, while hogs see follow through after the reversal. Randy Martinson, Martinson Ag has more.
Grains Mostly Higher Bouncing Off Lows Ahead of WASDE: Live Cattle Mixed Awaiting Cash, Hogs Higher After Reversal
Grains bounce off their lows after holding support and with positioning ahead of the WASDE. Live cattle mixed awaiting cash direction, while hogs see follow through after the reversal. Randy Martinson, Martinson Ag.
May 10, 2023 11:37 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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