Soybeans higher with contract highs in meal, while wheat saw more technical selling with moisture in HRW areas KC closed below $8 and that held back corn. Cattle hit more contract highs in deferred with a push from cash. Hogs continue to struggle with swelling numbers. John Heinberg of Total Farm Marketing has more.
New Highs in Meal Supports Soybeans, Wheat Drags Down Corn: Cattle Continue to Make New Highs
Soybeans higher w/ contract highs in meal. Technical selling in wheat w/ moisture in HRW areas held back corn. Deferred cattle hit more contract high w/ strong cash. John Heinberg, Total Farm Marketing has more.
March 06, 2023 10:11 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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