Grain mostly higher early with risk on in outside markets and the lower dollar, plus wheat is putting in some war and weather premium. Cattle back higher with the equities up and higher cash last week, while hogs are mixed to lower on spreading and consolidation. DuWayne Bosse from Bolt Marketing joins Michelle Rook.
Markets Mixed Early with Risk on in Outside Markets and Lower Dollar: Wheat Putting in War Premium
Markets mostly higher with risk on in outside markets, lower dollar and wheat is putting in war premium. Cattle follow DOW & higher cash, while hogs consolidate. DuWayne Bosse Bolt Marketing joins Michelle Rook.
October 17, 2022 08:57 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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