Grains ended higher on pre-holiday fund buying, pushed by dryness/drought concerns & the bean oil rally. Corn and beans closed above key chart areas so how much higher will prices go? Live cattle rebounded after holding support and in the face of weaker cash, while hogs ended mostly higher. Garrett Toay of AgTraderTalk has more.
Grains Rally as Funds Buy on Drought Concerns, BO Rally: Live Cattle Recover Despite Weaker Cash
Grains rallied on pre-holiday fund buying, drought concerns & the BO rally. Corn and beans closed above key chart areas. Live cattle rebounded despite weaker cash, hogs mostly higher. Garrett Toay of AgTraderTalk.
June 15, 2023 03:10 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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