Money flow in the cattle market has been significant, contributing to a nice turnaround after a period of softness. Despite the recent jobs report, which could temper consumer demand, cattle prices have remained resilient. Fund-related trading is also playing a role in both cattle and grain markets, adding to volatility.
In the grain market, China has returned to buy more soybeans, driving a strong market move, with soybeans emerging as the key market mover of the day. The May/July corn spread is drawing attention, suggesting that traders are positioning for potential changes in supply dynamics later in the year. Meanwhile, basis levels for grains continue to fluctuate, reflecting local demand and transportation concerns as harvest approaches
