A higher midday trade except corn. Soybeans supported by China demand news and rally in meal tied to Argentina weather. Wheat and hogs up on end of the month short covering, while cattle rally with some $155 cash. Jeff Hoogendoorn of Professional Ag Marketing has details.
Markets Mostly Higher at Midsession, Except Corn
A higher midday trade except corn futures, with new highs for the move in soybeans. Michelle Rook gets details with Jeff Hoogendoorn of Professional Ag Marketing.
November 30, 2022 11:36 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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