Grains reverse trend from Thursday with profit taking and spread unwinding pressuring wheat and corn, while soybeans are higher on 21.7 mb of fresh export business. Weekly exports were disappointing for grains and cattle, but strong for hogs which are supportive. Cattle open higher but can’t hold gains, despite a new yearly high on cash. Michelle Rook gets details with Allison Thompson of The Money Farm.
Grains Open Mixed with Soybeans Supported by Fresh Export Biz: Hogs See Strong Exports, Cattle Fade Early Gains Despite Higher Cash
Grains mixed on spread unwinding, with soybeans up on 21.7 mb of fresh export business. Hogs higher on strong exports. Cattle lower despite higher cash. Michelle Rook talks to Allison Thompson of The Money Farm.
October 14, 2022 08:46 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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