Grains open lower and then quickly turn mixed with soybeans rebounding on the China export business, but also seeing report positioning and spread unwinding. Livestock strong early with the lower corn and strong chart action in cattle. Michelle Rook has details with Rich Nelson of Allendale.
Grains Open Lower then Soybeans Rebound on China Biz, Report Positioning: Livestock Futures Rally
Grains mixed with soybeans rebounding on China export news, report positioning. Livestock rally with lower corn and technical buying in cattle. Michelle Rook has details with Rich Nelson of Allendale.
October 12, 2022 08:52 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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