Grain and livestock futures continue mixed. Corn and soybeans are seeing follow through selling and continued profit taking after 2 1/2 months highs Monday, while cotton is firmer. Feeders getting some help from softer corn, but live cattle are seeing some weakness. Outside markets are stabilizing after the melt down Tuesday as PPI numbers were mixed. John Payne of Hedge Point Global Markets joins Michelle Rook with analysis.
Markets Mixed Midday: Corrective Action Continues Amid Stable Outside Markets
Grain and livestock futures continue mixed, with outside markets stabilizing after the PPI data. John Payne of Hedge Point Global Markets joins Michelle Rook with analysis.
September 15, 2022 05:46 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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