Grain and livestock futures all ended higher Friday. The grains were supported by weather, outside market strength and the bull spreads were working in corn and soybeans with strong cash basis levels. Cattle made all-time highs in many live and feeder contracts on the heels of record cash trade, when will it end? And after a higher week have hogs finally turned the corner? Randy Martinson of Martinson Ag has more.
Higher Closes on Friday with Grains Putting in Weather Premium: Cattle Hit Some Record Highs in Cash and Futures
Grain and livestock futures end higher Friday. Grains supported by weather, outside markets and cash strength. Cattle made new highs on record cash trade. Have hogs finally bottomed? Randy Martinson, Martinson Ag
June 02, 2023 02:35 PM
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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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