Grains quiet and slightly higher early with spillover from higher CO & the lower dollar, despite more China COVID lockdowns. Cattle see some profit taking, while hogs extend gains. Michelle Rook w/Tomm Pfitzenmaier of Summit Commodity Brokerage.
Grains Quiet and Two-Sided Early Watching Higher CO, Lower Dollar: Cattle see Profit Taking, Hogs Up
Grains slightly higher early with higher CO & the lower dollar, despite China COVID lockdowns. Cattle see profit taking, hogs extend gains. Michelle Rook w/Tomm Pfitzenmaier of Summit Commodity Brokerage.
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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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