Agriculture

Markets are supported by lower grain prices – AgFax

The livestock complex was able to close above, having spent some time in negative territory. Traders are unsure of the cash’s ability to trade higher this week. The pigs were kept without the third day of liquidation. Cash increased while expressions slipped, leaving futures ambiguous.

Cattle: Steady. Futures: above. Live equivalent: $ 206.20 – $ 0.09 *
Pigs: Steady. Futures: above. Lean equivalent: $ 115.45 + 8.67 **
* Based on a formula that estimates the livestock equivalent of a packer’s gross income. (Live cattle equivalent index has been updated to reflect recent changes in live cattle weight and cooking percentages.)
** based on a formula that estimates the gross income equivalent of the packer.

GENERAL COMMENTS:

Contracts for live cattle traded at lower prices for a set period of time on Monday, nearly checking technical support and then bounced back. The breadwinner was not under such great pressure on the breadwinner, but followed a similar pattern. Beef prices in the box closed combined with a pick down of $ 0.56 and a pick up of $ 0.92. This could have hardened some of the sales. However, on Monday, as usual, there was no referral of cash, and on Tuesday – nothing.

Due to the general weakness of beef in the pits and the cash share last week, this week’s trade is likely to grow steadily. Fatteners want more, but packers may find themselves in a better position due to the fact that some cattle have already been contracted. The situation in Ukraine will continue to create volatility in foreign markets, which could affect cattle futures trading.

Corn future reacted to published information that Russia is going to invade on Wednesday. Now corn futures are under pressure due to changing news from the region. Lower corn futures may provide some support to cattle. The Traders ’Commitment Report found that net buyers of 12,570 contracts changed their net long positions to 81,842 contracts.

https://agfax.com/2022/02/15/dtn-livestock-open-markets-get-support-from-lower-grain-prices/ Markets are supported by lower grain prices – AgFax

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