Grains see early strength on holiday positioning, friendly outside markets and fresh corn and soybean export sales. Cattle are higher with steady to better cash news and report positioning, while lower cash is pressuring hogs.
Markets Mostly Higher Early, Except Hogs
Grains up on holiday positioning, friendly outside markets and fresh corn and soybean export sales. Cattle are higher with steady to better cash news and report positioning, while lower cash is pressuring hogs.
December 23, 2022 08:53 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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