Livestock futures close higher with the spot month in live cattle hitting a new contract high, but will the deferreds also make new highs? Hogs rallied on fund buying and higher cash. Grains ended mixed with technical selling in corn and wheat, plus export news and harvest pressure also factored in. Soybeans closed slightly higher following the soybean oil market. Oliver Sloup of Blue Line Futures joins Michelle Rook for Markets Now.
Livestock Higher on Fund Buying, How High Will Cattle Go? Grains Mixed but Still Rangebound
Livestock futures close higher on technical buying while grains ended mixed but still trading within ranges. What will it take to break out? Oliver Sloup with Blue Line Futures joins Michelle Rook.
October 19, 2022 02:42 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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