Grains continue lower with plenty of bearish news including fast planting, China corn cancellations, WASDE positioning and risk off outside markets. Live cattle are mixed awaiting cash, while hogs are also mixed trying to recover. DuWayne Bosse, Bolt Marketing has details.
Grains Pressured by Fast Planting, WASDE, China Cancellation, Outside Markets: Cattle and Hogs Mixed on Consolidation
Grains lower on fast planting, China corn cancellations, WASDE positioning, risk off outside markets. Live cattle mixed awaiting cash, while hogs are consolidating. DuWayne Bosse, Bolt Marketing has details.
May 09, 2023 11:33 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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