Grain and livestock futures have all turned higher with a risk on tone to the market. Plus positioning in the grains and hogs ahead of USDA reports and end of quarter. Markets like soybeans and hogs were also over sold and due for short covering. Matt Bennet of AgMarket.Net has analysis.
Market Turn Mostly Higher with a Risk On Tone: Plus, Report and End of Quarter Positioning
Grain and livestock futures have all turned higher with a risk on tone to the market. Plus, positioning in the grains and hogs ahead of USDA reports and end of quarter. Matt Bennet of AgMarket.Net has analysis.
March 27, 2023 11:15 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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