Livestock see 2-sided trade early with a little consolidation. Cattle futures are still at a discount to last week’s cash which is supportive as well as higher boxed beef. However, Brad Kooima of Kooima Kooima Varilek thinks cash many only be steady this week after last week’s record. Hogs are trying to bottom but June needs to close higher today to confirm.
2-Sided Trade in Livestock, Will it be Another Record Week for Cash Cattle? Some Consolidation in Grains
2-Sided in livestock with some consolidation. Will cash be higher again this week? Are hogs trying to bottom? Some profit taking and spread unwinding in corn. More with Brad Kooima, Kooima Kooima Varilek.
April 18, 2023 09:28 AM
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Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
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