Grains are mixed with positioning ahead of the reports and weak exports, soybeans are oversold and seeing corrective buying. Have the grain markets already priced in a bearish report? Cattle reversed a lower start with higher cash ideas and weather supportive. Chip Nellinger, Blue Reef Agri-Marketing has more.
Soybeans See Corrective Bounce, Corn & Wheat Struggle but Have the Markets Priced in Bearish Reports? Cattle Up on Wx and Cash Ideas
Grains are mixed with positioning ahead of the reports and weak exports, soybeans are oversold and seeing corrective buying. Cattle up on higher cash ideas and wx. Chip Nellinger, Blue Reef Agri-Marketing has more.
January 11, 2024 01:25 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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