Grains and cotton under early pressure from China COVID protests and lower crude oil. Dollar is down and could be setting a new four month low. Live cattle open higher then see profit taking despite higher cash. Michelle Rook gets details with Darin Newsome, Sr. Market Analyst for Barchart.
Grains Under Pressure with China COVID Protests and Lower Crude Oil: Cattle Mixed
Grains and cotton under early pressure from China COVID protests and lower crude oil. Dollar is down. Live cattle see profit taking despite higher cash. Michelle Rook with Darin Newsome of Barchart.
November 28, 2022 09:01 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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