Markets Mostly Lower on Fund Liquidation, Economic and China COVID Concerns

Grains open mostly lower with more fund liquidation, economic and China COVID concerns, will chart support areas hold? Cattle see profit taking and hogs more technical selling. Rich Nelson of Allendale has details.

Grains open mostly lower except wheat, with more fund liquidation, economic and COVID concerns in China, will chart support areas hold? Cattle see profit taking and hogs more technical selling with China demand concerns and lower cash. Rich Nelson of Allendale has details.

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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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