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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Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
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