Markets are lower except for cattle. Markets are lower except for cattle. Grains are seeing profit taking, with lower crude oil, U.S. and SA weather a factor as well as exports. What continues to keep grains at these current price levels and what could change all that? A longer term outlook with Steve Freed ADM Investor Services.
Profit Taking Pulls Grains Lower, Plus Weather, Crude Oil, Export News: What Could Move Grains Out of Their Current Ranges?
Grains see profit taking, with lower crude oil, U.S. and SA weather a factor as well as exports. What’s keeping grains at these current price levels and what could change that? The outlook w/Steve Freed ADMIS.
February 09, 2023 11:41 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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