Cattle open lower with the risk off in outside markets then quickly rebound on technical buying and with firmer cash. Hogs see follow through technical buying. Risk off in outside markets, weather, planting pace cause profit taking in grains. Brad Kooima of Kooima Kooima Varilek has more.
Cattle 2-Sided in Risk off Day, Hogs Higher with Stronger Cash: Profit Taking Hits Grains
Cattle 2-sided with firm cash vs. risk off. Hogs see follow through technical buying. Risk off in grains, weather, planting pace cause profit taking. Brad Kooima of Kooima Kooima Varilek.
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The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
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