Greg Fox, with the Louisiana Farm Bureau Marketing Association, says the market gave up slightly higher prices on Friday which was a bit of a turnaround from earlier in the week.
“It’s nice to end the week on a high note,” said Fox. “We continue to look at export news. China is still sniffing around. Their crush margins are very strong as are their cattle feed margins. So they’re not afraid to buy at some of these higher prices.”
The market went a little higher but it saw a lot of profit taking at the same time, as some of the exporters try to get things at lower prices, says Fox, “but they’re not afraid to take these markets up when they look at the margins they have right now.”
Export numbers are going to be important going forward, according to Fox, as will the next report coming out the week of December 5th. “It’s going to be interesting to see what they carry out numbers are with the export pace we’ve seen…that could be something that drives prices higher but keeps them rally firm trying to reduce these export numbers and conserve some of this crop,” Fox concluded.