Markets were mostly higher on Monday except wheat with a risk on day in outside markets like crude oil supportive. However, soybeans also saw a technical recovery after a down week and help from product strength. Corn was still digesting the lower quarterly stocks, while wheat saw some profit taking. Both cattle and hogs were higher on short covering, but will there be any follow through buying? Michelle Rook talks with Alan Brugler of Brugler Marketing.
Markets Mostly Higher to Start the Week and New Quarter
Markets were mostly higher on Monday except wheat with a risk on day in outside markets supportive. Both cattle and hogs were higher on short covering. Michelle Rook talks with Alan Brugler of Brugler Marketing.
October 03, 2022 02:13 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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