Grains Open Steady to Lower with Argentina Rains, Lower CO, Higher Dollar: Cattle Mixed, Hogs Lower

Grains open steady to lower with rains over the weekend in Argentina lower CO, higher dollar. Cattle opened mixed but look poised to move higher, with hogs lower. Tomm Pfitzenmaier with Summit Commodity Brokerage.

Grains open steady to lower with rains over the weekend in Argentina holding back soybeans and meal, but they are still in uptrends. A higher dollar and lower crude oil weigh on wheat and corn. Cattle opened mixed but look poised to move higher, with hogs lower. Tomm Pfitzenmaier with Summit Commodity Brokerage has details.

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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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