A higher start in grain and livestock prices with higher outside markets like the DOW and crude oil helping out, but corn and wheat are continuing to trade the positive report numbers from Friday. Soybeans trying to follow and did see some export business this morning to help. Cattle are seeing corrective buying, with hogs sliding with more fund liquidation and lower cutouts. Michelle Rook gets details with Vince Boddicker of Farmers Trading Company.
Markets Start Mostly Higher in a More Risk on Day but Will Gains Hold?
Markets start mostly higher with a risk on day, report digestion continues and there was some export news, but will gains hold? Michelle Rook gets details with Vince Boddicker of Farmers Trading Company.
October 03, 2022 08:47 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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