Soybeans and meal ended higher on technical buying, signaling the market may have taken out enough weather premium. Wheat saw more short covering, but corn ran into chart resistance and could not follow. Live cattle were mostly higher with the back months scoring new contract highs, but can they keep going? Hogs are oversold, but still ended lower. Don Roose of U.S. Commodities has analysis.
Soybeans and Meal End Higher After Removing Weather Premium, Wheat Sees Short Covering, While Deferred Live Cattle Score New Contract Highs
Soybeans, meal end higher and may have taken out enough weather premium. Wheat saw short covering, but corn couldn’t follow. Deferred live cattle scored new contract highs. Don Roose of U.S. Commodities has more.
January 25, 2023 02:04 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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