Grains open higher except soybeans, with technical buying and renewed concerns about the Black Sea conflict supporting wheat, corn is following. Soybeans seeing harvest pressure and lower soybean oil a drag. Livestock futures are mixed seeing some corrective buying in hogs, but more fund liquidation in cattle after a down day Tuesday. However, all the markets remain sensitive to outside market action. Michelle Rook talks with Darren Frye of Water Street Solutions.
Grains Mostly Higher with Renewed Black Sea Export Concerns: Livestock Mixed
Grains mostly higher on renewed concerns about the Black Sea exports. Soybeans trying to follow. Livestock futures mixed. Michelle Rook talks with Darren Frye of Water Street Solutions.
September 28, 2022 09:36 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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