Grains drift into the close with profit taking end of quarter and after many contracts hit chart resistance. What does the trade need to see in the reports tomorrow to not continue the sell off? Live cattle make new contract highs with sharply higher cash, but how much higher will the market go? And cotton rallied looking for lower acres Friday. John Payne, Hedge Point Global Markets has details.
Grains See Profit Taking EOQ and Ahead of Reports, but Cotton Rallies: Live Cattle Make New Highs With Sharply Higher Cash
Grains drift on profit taking after many contracts hit chart resistance. Live cattle make new contract highs on sharply higher cash. Cotton rallied anticipating lower acres. John Payne, Hedge Point Global Markets.
March 30, 2023 02:21 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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