Cattle consolidating early awaiting more cash news and despite higher beef, but does the market have enough wx premium? Hogs see profit taking. Grains mixed ahead of USDA data but is there anything that could be bullish enough to really rally grains? Scott Varilek, Kooima Kooima Varilek, has insight.
Cattle and Hogs Consolidate Eyeing Cash, Wx: Grains Mixed Awaiting USDA Data
Cattle consolidate early awaiting more cash & despite higher beef, but does the market have enough wx premium? Hogs see profit taking. Grains mixed ahead of USDA data. Scott Varilek, Kooima Kooima Varilek, has more.
January 12, 2024 09:22 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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