A mostly lower day except old crop soybeans and meal with some commodity wide selling. Profit taking in hogs and cattle despite record highs on fed and live futures as well as northern cash ($190/$300). Weather was a little more bearish for row crops with some rain and cooler temps in the extended and less rain in HRW areas for harvest. Jeff Hoogendoorn with Professional Ag Marketing joins us from World Pork Expo.
Markets Mostly Lower with Profit Taking in Hogs & Cattle Despite Record Highs in Cash: Grains Trade Weather
Markets mostly lower on commodity wide selling. Profit taking in hogs and cattle, despite record highs in cattle futures and No. cash. Grains also traded weather. Jeff Hoogendoorn, Professional Ag Marketing.
June 07, 2023 02:21 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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