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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Arlan Suderman, chief commodities economist with StoneX, says the additional cut in winter wheat acres was a surprise but there were others as well.
Mike Zuzolo, Global Commodity Analytics, says grains were pressured by a host of factors including weather and fund liquidation.
Brad Kooima of Kooima Kooima Varilek says cattle futures are down with a risk off day in the ag markets. End of quarter profit taking and talk of a packer bailout is also weighing on futures.
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