Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. However, corn held support with the largest one day purchase of corn by Mexico ever. Livestock ended higher with technical buying and softer corn helping out. Michelle Rook talks with Alan Brugler of Brugler Marketing.
Soybeans Lower Following Soybean Oil, Grains Removed War Premium: Technical Buying Supports Livestock
Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. Livestock ended higher with technical buying. Michelle Rook w/ Alan Brugler, Brugler Marketing.
November 16, 2022 02:06 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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