Grains higher on risk on day in outside markets, fund buying and fresh soybean export biz. Live cattle make new highs for the move on higher cash and fund buying, COF positioning. But feeders and hogs consolidate with higher corn. Michelle Rook talks with Jeff Hoogendoorn of Professional Ag Marketing.
Higher Cash, Funding Buying Pushes Live Cattle, While Hogs Consolidate: Grains See Fund Buying with Export Biz, Risk on Outside Markets
Live cattle new highs w/ higher cash, feeders and hogs consolidate. Grains up with funding buying, risk on outside markets and soybean export biz. Michelle Rook is with Jeff Hoogendoorn, Professional Ag Marketing.
October 20, 2022 11:32 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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