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.
May 16, 2023 09:24 AM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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