Early weakness in grains with more technical selling after lower weekly closes, so its key for support areas to hold. Wheat is seeing the most pressure with moisture over the weekend in HRW areas. Cattle are fading the bullish Cattle on Feed Report, hogs are 2-sided. Allison Thompson of The Money Farm has details.
More Technical Selling, Moisture in HRW Areas Pressure Grains: Cattle Fade COF, Hogs 2-Sided
More technical selling in grains and chart support needs to hold. Wheat also under pressure w/moisture in HRW areas. Cattle fade a bullish COF Report, hogs 2-sided. Allison Thompson, The Money Farm 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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