Monday, January 24, 2022 5:00AM CST
The American Farm Bureau Federation on Friday declared its support for S. 3229, the Cattle Price Discovery and Transparency Act, as long as senators drop the biggest element in the bill, which is the establishment of mandatory minimum negotiated cash sales for fed cattle.
March corn is down 1 cent per bushel, March soybeans are down 4 cents, and March KC wheat is down 3 1/2 cents.
Cattle traders became cautious over just what the Cattle on Feed report would show and decided to lighten up on some long positions just in case. Well, that was the right thing to do, as the report was bearish. Hog traders certainly are not being influenced by cattle futures as traders are bullish on the market.