Grains are mostly higher with Mar soybeans above $15 with technical buying and support from SA weather, corn is also strong, but can it take out resistance? Livestock mixed to lower, seeing some end of year profit taking after new highs Tuesday. Jeff Hoogendoorn of Professional Ag Marketing has details.
Grains Mostly Higher Midday, Soybeans Hold Above $15: Livestock Consolidating After New Highs Yesterday
Grains mostly higher with support from SA weather, fund buying. Livestock trading mostly lower, with end of year profit taking after new highs Tuesday. Jeff Hoogendoorn of Professional Ag Marketing has details.
December 28, 2022 01:57 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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