Grains mixed early with soybeans and meal seeing some profit taking after contract highs in meal. Crude oil and the equities lower after the CPI data showing inflation is still alive. Cattle also consolidate after contract highs in live cattle Monday. Darin Newsom of Barchart has details.
Soybeans and Meal Set Back on Profit Taking, Outside Markets React to CPI: Cattle Also Consolidate
Grains mixed early with soybeans and meal seeing some profit taking. Oil and the equities lower after the CPI data showing inflation is still alive. Cattle also consolidate. Darin Newsom of Barchart has details.
February 14, 2023 09:16 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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