Grains open lower with a risk off day in outside markets and export concerns. Live cattle hit more new contract highs off the bullish report, while hogs see profit taking. Michelle Rook has analysis with DuWayne Bosse of Bolt Marketing.
Grains Under Pressure from Risk Off Outside Markets: Live Cattle Make Contract Highs on Bullish Report
Grains open lower with a risk off in outside markets. Live cattle hit more new contract highs off the bullish report, hogs see profit taking. Michelle Rook has analysis with DuWayne Bosse of Bolt Marketing.
October 24, 2022 08:50 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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