Grains ended lower on technical selling, harvest pressure and export concerns tied to all-time low water levels on the Mississippi River. However, wheat was also chasing headlines about hopes for an extension of the Ukraine export deal and rain chances in the Plains. Livestock staged another big rally on fund buying with spot month live cattle hitting the highest level since 2015 and hogs trading on China export hopes. Michelle Rook gets full analysis with Brian Grete of Pro Farmer.
Strong Close in Livestock on Fund Buying; Grains See Technical Selling, Harvest Pressure, Export Concerns and Hopes
Michelle Rook gets analysis with Brian Grete of Pro Farmer.
October 18, 2022 02:52 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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