Grains see early strength with better economic news out of China and some lower private estimates on Brazil corn and soybeans. Weekly exports were better and while the China wheat cancellation was confirmed the market has priced it in. Corn was able to get above the 20-day moving average and we may be seeing some short covering in all the grains ahead of the WASDE. Cattle are mixed this morning ahead of cash development, hogs mostly higher trying to recover after profit taking and hedge pressure Wednesday. Kent Beadle, Paradigm Futures, has more.
Grains Rally Early Moving Past China Wheat Cancellation: So, What’s Driving the Rally?
Grains see early strength ahead of the WASDE and with some better demand news. Cattle are mixed ahead of cash development, hogs mostly higher trying to recover. Kent Beadle, Paradigm Futures, has more.
March 07, 2024 09:19 AM
Related Stories
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.
Read Next
In the reshaping of rural America, one man’s opportunity can be another’s concrete curse.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
