Mostly higher markets, except corn. Soybeans made new highs for the move on the heels of higher soybean meal, dryness in Argentina and China demand. Wheat saw end of month short covering, while funds sold corn. Cattle higher with steady cash and hogs also saw short covering. Outside markets also support the commodity sector with the DOW rallying after less hawkish talk by Fed Chair Jerome Powell. Michelle Rook talks with Bryan Doherty of Total Farm Marketing.
Markets Close Mostly Higher Except Corn: End of the Month Positioning, Outside Markets, SA Weather
Soybeans made new highs for the move, with higher meal. Wheat saw short covering, funds sold corn. Cattle higher with steady cash and hogs also saw short covering. Bryan Doherty of Total Farm Marketing has details.
November 30, 2022 04:52 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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