Grains are mostly lower as markets consolidate after corn and beans hit chart resistance yesterday, a lack of fresh bullish news and USDA’s Ag Outlook numbers showing higher acres and lower price projections. Live cattle make more contract highs on the atypical BSE case in Brazil, hogs still plagued by increasing numbers. Jeff Hoogendoorn of Professional Ag Marketing has more.
Grains Mostly Lower Consolidating on Lack of Fresh News, USDA Projections: Higher Cattle with Atypical BSE Case in Brazil
Grains mostly lower with consolidation, a lack of fresh bullish news, USDA’s Ag Outlook numbers. Live cattle hit contract highs on the atypical BSE case. Jeff Hoogendoorn of Professional Ag Marketing has more.
February 23, 2023 11:35 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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