Grain and livestock markets mostly lower except some mixed trade in cattle. Soybeans and corn are seeing profit taking and have worked in the Argentina crop concerns. Cash basis levels on grains are also starting to soften in the country. Nick Tsiolis of Farmer’s Keeper says there is downside risk and provides some marketing advice.
Markets Mostly Lower Early: Corn, Soybeans Consolidating and Cash Basis Softening
Markets mostly lower early with profit taking in corn and beans with Argentina crop concerns dialed in. Cash basis levels on grains are also softening. Nick Tsiolis of Farmer’s Keeper says there is downside risk.
February 22, 2023 09:53 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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