Cattle correcting today and the top may be in short term according to Brad Kooima of Kooima Kooima Varilek. What will cash trade do this week? Has the hog rally run its course? Corn and soybeans up on the lower crop ratings and weather, plus the rally in soybean oil. However, how much upside is there?
Cattle and Hogs Correcting but Will it Continue? Corn and Soybeans Rally on Drop in Ratings and Weather
Cattle correcting today and the top may be in short term says Brad Kooima of Kooima Kooima Varilek. What will cash do this week? Has the hog rally run its course? Corn, beans rally on drop in crop ratings, weather.
June 13, 2023 09:26 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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