A mixed day in grain futures with bull spreading in corn and soybeans as old crop supplies are tight, while new crop sees pressure on better weather. Wheat ended mixed on spread trade as well. More highs in cattle chasing cash while hogs can’t seem to find a bottom in cash or futures which score new low closes. Garrett Toay of AgTraderTalk has details.
Old Crop Corn and Beans Supported by Tight Supplies and Bull Spreads: Cattle Chase Cash, While Hogs Fall With Cash
Corn and beans mixed with tight supplies and bull spreads, while new crop trades weather. Wheat also mixed on spreads. More highs in cattle chasing cash while hogs can’t find a bottom. Garrett Toay, AgTraderTalk.
April 12, 2023 04:51 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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