Grain and livestock prices are mostly higher early in the session, except soybeans. Wheat is seeing a short covering bounce which seems to be helping corn, while soybeans are seeing profit taking the other way with lower meal and soybean oil a drag. Cattle continue to make new highs for the move on fund buying and higher cash trade ideas and hogs see similar action. Michelle Rook talks with Allison Thompson of The Money Farm.
Mostly Higher Grain and Livestock Prices Except Soybeans Early Tuesday
Grain and livestock prices are higher early, except soybeans. Grains see corrective action while funds buy in livestock with higher cash supportive. Michelle Rook talks with Allison Thompson of The Money Farm.
September 20, 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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