All the markets were higher with the risk on day Monday. However, weather was also supportive for the grains and soybeans, plus the Argentina grain inspectors strike, record crush in March and strong technicals brought in some fund buying. Cattle back higher higher beef and cash ideas and the futures discount, while funds covered shorts in the hogs. Matt Bennett of AgMarket.Net has it all.
Risk On Fund Buying in the Ag Markets, Plus Grains Eye Weather, Argentina Strike: Cattle Recover on Higher Cash Ideas
Fund buying with the risk on day and strong technicals support ag markets. Plus, grains watch weather and the Argentina strike. Cattle recover with higher cash ideas. More with Matt Bennett of AgMarket.Net.
April 17, 2023 02:21 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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