Cattle start off higher and then turn mixed with some end of the month profit taking but should be well supported with ideas of strong cash. Hogs also turn mixed still fighting the futures premium to the index and poor technicals. Grains continue to see fund liquidation especially as support areas are violated including $15.00 on soybeans. Brad Kooima of Kooima Kooima Varilek has more.
Livestock Mixed on End of Month Positioning: Funds Continue to Sell in Grains with Support Violated
Livestock mixed on end of month positioning. However, cattle should be supported by higher cash ideas this week. Funds continue to sell in grains taking out support. Brad Kooima of Kooima Kooima Varilek has more.
February 28, 2023 09:19 AM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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