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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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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