Markets closed mostly higher with contract highs in soybean meal on South American crop concerns. That supported soybeans and corn, but they ended off highs running into chart resistance. Wheat continued to trade Black Sea export concerns. Contract highs in live cattle working in higher cash. John Payne of Hedge Point Global Markets has more.
Meal Closes Above $500 Supporting Soybeans, Wheat Trades Black Sea Export Concerns
Meal closed above $500 on SA crop losses lifted beans and corn. Black Sea export concerns supported wheat. Live cattle hit contract highs on strong cash. John Payne of Hedge Point Global Markets has more.
February 13, 2023 02:10 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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