Cattle and hogs start higher on corrective buying but will the gains hold as the markets fight lower cash and higher weights? Grains get a boost from export sales heading into the WASDE and watching Brazil weather. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle and Hogs See Corrective Buying but Will Gains Hold? Grains up on Export Sales Heading into WASDE
Cattle and hogs higher on corrective buying but will it hold w/lower cash and higher weights? Grains up on export sales heading into the WASDE and watching Brazil wx. Scott Varilek, Kooima Kooima Varilek, has more.
December 08, 2023 09:12 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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