Grains under pressure early with profit taking on a risk off day in the outside markets. Hogs see consolidative trade, while cattle are higher with the pullback in corn. Michelle Rook talks with Tomm Pfitzenmaier of Summit Commodity Brokerage.
Grains Under Pressure Early with Profit Taking in Risk Off Day: Hogs Consolidate, While Lower Corn Supports Cattle
Grains lower early with profit taking on a risk off day in outside markets. Hogs consolidate, while cattle rally on the pullback in corn. Michelle Rook talks with Tomm Pfitzenmaier of Summit Commodity Brokerage.
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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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