Grains started higher but turned mixed with short covering in soybeans following soybean oil, while wheat is seeing profit taking and corn is caught in the tug of war in the middle. Livestock continue to hold gains with a risk on outside market environment spilling over and a technical bounce after getting oversold. Michelle Rook visits with DuWayne Bosse of Bolt Marketing.
Livestock Hold Early Gains in Risk on Session: Grains Mixed with Some Corrective Action
Grains have turned mixed with short covering in soybeans, profit taking in wheat and corn caught in the middle. Livestock seeing a short covering bounce. Michelle Rook visits with DuWayne Bosse of Bolt Marketing.
October 03, 2022 11:25 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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