Profit Taking Hits Grains, Yet Still Rangebound: Livestock Also Consolidate with Higher Cash Cattle After the Close

Grains end lower as profit taking sets in with weather, CO and exports factors. Yet grains still rangebound. Livestock consolidate as cattle await cash. Chuck Shelby with Risk Management Commodities has more.

Grain markets end lower as profit taking sets in with weather, outside markets and export demand still factors. Yet grains still rangebound. Livestock also consolidate as cattle wait for cash direction. Cash cattle trade developing after the close at $254 in the north, up $4. Chuck Shelby with Risk Management Commodities has more.

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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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