Corn and soybeans mixed with strong cash prices supporting old crop while new crop is under pressure with better weather. Short covering and dry weather support wheat. Cattle making more highs with futures still at a discount to cash, while hogs struggle as cash can’t find a bottom. Mark Schultz of Northstar Commodity has details.
Grains Mostly Higher Except New Crop Corn and Beans: Cattle Continue to Chase Cash with Hogs Looking for a Bottom
Grains higher except new crop corn and beans with better weather. Cattle making more highs with futures still at a discount to cash, while hogs look for a bottom. Mark Schultz of Northstar Commodity has details.
April 12, 2023 11:41 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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