Grains higher early with soybeans making new highs for the move as Congress steps in to avert the rail strike, China soybean biz and possible relaxation of their COVID policy. Argentina weather also supportive. Cattle consolidating with a short covering bounce in hogs. Kent Beadle of Paradigm Futures joins Michelle Rook with details.
Grains Strong as Congress Steps in to Avert Rail Strike, Positive China Demand News: Cattle Consolidate
Grains up w/ soybeans making new highs for the move as Congress votes to avert the rail strike, China demand news supportive. Cattle consolidating, short covering in hogs. Kent Beadle, Paradigm Futures has details.
November 30, 2022 11:49 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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