Grains see short covering heading in the WASDE, but just how important is this report and how different could the results be from July or expectations? Plus, what does the Fed do with Thursday’s CPI number and will cattle continue to hold together with impending seasonal weakness? Ted Seifried of Zaner Ag Hedge has the answers.
Grains Pop Pre-Report but Will USDA Lower Yield and Where do Prices Go if They Don’t?
Grains see short covering pre-WASDE, but just how important is this report and how different could results be from July? Plus, can cattle keep shaking off seasonal weakness? Ted Seifried of Zaner Ag Hedge has answers.
August 10, 2023 02:56 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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