Grains continue mostly higher, but wheat has taken the lead. Soybeans see fund buying with lower Argentina crop ratings and contract highs in meal supportive, corn following but off early highs. Wheat has started to lead on short covering. Cattle are seeing profit taking after contract highs yesterday and higher cash. Hogs mixed. Kent Beadle of Paradigm Futures.
Grains Mostly Higher but Wheat Takes the Lead: Cattle See Profit Taking Despite Higher Cash, Hogs Mixed
Soybeans sees SA weather market, contract highs in meal supportive. Wheat now leading on short covering, corn following. Cattle see profit taking after contract highs, higher cash. Kent Beadle of Paradigm Futures.
December 30, 2022 11:21 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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