Grains close mixed with soybeans still working in the bullish USDA numbers but sharply higher soybean oil and crude oil also helped. Corn and wheat both ended mixed on profit taking and hedge pressure and that also explains the action in cattle. Randy Martinson of Martinson Ag has full details.
Soybeans Rally with Bean and Crude Oil: Profit Taking Hits Corn, Wheat and Cattle
Soybeans higher still working in the bullish USDA numbers and higher soybean oil. Corn and wheat end mixed on profit taking and hedge pressure. Cattle lower on consolidation. Randy Martinson of Martinson Ag.
April 03, 2023 02:15 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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