Grains start higher except wheat, then fund selling set in, despite strong corn exports, a lower Brazilian soybean number from CONAB and bean export business to unknown. Live cattle see more profit taking, feeder higher, will hogs hold early gains? Vince Boddicker of Farmers Trading Company has details.
Grains Start Mixed Then Fund Selling Sets In: Live Cattle Consolidate
Beans fade the higher opening, drug down by corn and wheat. Live cattle see more profit taking, feeders up on softer corn. Vince Boddicker of Farmers Trading Company.
March 09, 2023 09:25 AM
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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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