Grains sharply higher with hot dry weather and Russia attacking a Ukraine grain facility on the Danube River. Plus China bought 4.4 mb of U.S. new crop soybeans. Cattle set back with higher corn and sorting through the Cattle on Feed and Cattle Inventory reports. Hogs open higher, then turn mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
Grains Sharply Higher Adding More War and Weather Premium: Cattle Set Back in Response, Plus Digest USDA Data
Grains sharply higher putting in war and weather premium & w/China soybean biz. Cattle set back with higher corn and sorting through USDA data. Hogs mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
July 24, 2023 02:02 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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