Grains continue lower on profit taking and risk off in outside markets with crude oil lower and the higher dollar. Plus, the markets may have worked in most of the SA crop concerns. Live cattle consolidating but higher cash could pull the market back higher, while hogs are seeing some profit taking with the futures premium to the LHI. Vince Boddicker of Farmers Trading Company has more.
Risk Off Day in Outside Markets Pulls Grains and Livestock Mostly Lower: Profit Taking Also a Feature
A risk off day in outside markets has led to profit taking in grains and much of the livestock complex. Plus, SA crop concerns largely dialed in. Vince Boddicker of Farmers Trading Company has more.
February 15, 2023 11:22 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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