Grains continue higher with corn and wheat putting in war premium and pulling soybeans along. How high do we go if corn can close above $7? Cattle react negatively to higher corn, while hogs continue to see technical buying. Michelle Rook gets analysis with Jeff Hoogendoorn of Professional Ag Marketing.
Markets Continue Higher Except Cattle: Wheat and Corn Put in War Premium Which Weighs on Cattle
Grains higher with corn and wheat putting in war premium, pulling soybeans up. Cattle sell off with higher corn, while hogs see technical buying. Michelle Rook talks to Jeff Hoogendoorn, Professional Ag Marketing.
October 10, 2022 11:26 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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