Grains mixed with profit taking in wheat, while new contract highs in soybean meal supporting soybeans and corn is following. Cattle see follow through strength after higher cash, with hogs trying to follow but will the rally hold? Allison Thompson of The Money Farm has the answers.
Profit Taking in Wheat, but Contract Highs in Meal Support Soybeans, Corn Follows: Livestock Firm with Higher Cash Cattle
Grains mixed with profit taking in wheat, contract highs in meal supporting soybeans and corn is following. Cattle see strength after higher cash, with hogs firm . Allison Thompson of The Money Farm has more.
February 13, 2023 08:55 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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