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Grains end mixed Monday with livestock mostly higher. Brian Grete, Pro Farmer, says wheat was supported by traders adding in some geopolitical risk premium and some light short covering and that also pulled up corn. However, he thinks funds are about done taking profits and don't have a reason to go long in the grains. Soybeans held chart support but were weighed on by the lower meal market and he says if funds continue to exit their long position in the meal it will keep pressure on soybeans. Markets are also seeing some positioning ahead of the WASDE. Cattle closed mostly higher with stronger cash for a 4th week, but may have a tough time taking out last week's highs. Lean hog futures also reversed a lower start and have been resilient on fund buying and contraseasonal cutout strength.
See omnystudio.com/listener for privacy information.
By Michelle RookGrains end mixed Monday with livestock mostly higher. Brian Grete, Pro Farmer, says wheat was supported by traders adding in some geopolitical risk premium and some light short covering and that also pulled up corn. However, he thinks funds are about done taking profits and don't have a reason to go long in the grains. Soybeans held chart support but were weighed on by the lower meal market and he says if funds continue to exit their long position in the meal it will keep pressure on soybeans. Markets are also seeing some positioning ahead of the WASDE. Cattle closed mostly higher with stronger cash for a 4th week, but may have a tough time taking out last week's highs. Lean hog futures also reversed a lower start and have been resilient on fund buying and contraseasonal cutout strength.
See omnystudio.com/listener for privacy information.

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