Grains and cotton mostly lower, except corn and new contract highs in soybean meal. The risk off outside markets such as lower crude oil and a sharply higher dollar weighed on futures. However, South American weather is still in focus. Livestock end mostly higher with live cattle scoring more new contract highs. Cash cattle started to trade in the north at $248 to mostly $250, up $2 and $159. Darin Newsom with Barchart has details.
Grains Mostly Lower Following CO and Higher Dollar, SA Weather: Livestock Lean Higher with Higher Cash Trade
Grains, cotton mostly lower following outside markets like CO, higher dollar. However, SA weather still a focus. Livestock up with new contract highs in LC and better cash. Darin Newsom with Barchart has details.
February 03, 2023 06:36 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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