A mixed day in grain and livestock. Profit taking hit soybeans, meal and cotton, plus rising China tensions. Corn was slightly higher but is stuck in a trading range, while wheat was mixed but is at least holding support. Live cattle made new contract highs again with higher cutouts and cash with some reports of $159-$160. Hogs weighed on by China news and the futures premium to the LHI. Alan Brugler of Brugler Marketing has details.
Mixed Closes with Soybeans & Meal Lower on Profit Taking, China Tensions: Live Cattle Hit Contract Highs on Higher Cash
A mixed day w/beans and meal down on profit taking, rising China tensions. Corn slightly higher but rangebound. LC made new contract highs with higher cutouts and cash. Alan Brugler, Brugler Marketing has more.
February 06, 2023 02:15 PM
Related Stories
Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
Read Next
As producers navigate financial strain and D.C. disconnect, realities such as steep input costs, trade frustrations and E15 limbo are becoming decisive factors shaping the rural vote.
