Grains end mostly lower on fund selling and report positioning with bearish expectations for new crop supplies. The exception was corn which bounced after holding last week’s lows. Cattle see profit taking after hitting chart resistance and with bearish outside markets. Hogs fail after yesterday’s reversals as the futures again wait for the cash and demand to firm. Mike Minor, Professional Ag Marketing has details.
Grains Mostly Lower Expect Corn Which Holds Lows Ahead of WASDE: Profit Taking Hits Cattle and Hogs
Grains mostly lower except corn, with short covering after holding last week’s lows as markets for the WASDE Report. Cattle and hogs see profit taking w/bearish outside markets. Mike Minor, Professional Ag Marketing.
May 10, 2023 02:53 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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