Cattle try to add to gains after strong chart action Wednesday and higher $174 southern cash, but the market is awaiting more volume. Hogs see chart breakout with China news pushing the market. Corn and beans see profit taking with weak exports. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle and Hogs Try to Extend Gains After Chart Break Out: Corn and Beans See Profit Taking
Cattle try to extend gains after strong chart action awaiting cash. Hogs see follow through buying on China news. Corn & beans see profit taking w/weak exports. Scott Varilek, Kooima Kooima Varilek, has more.
January 25, 2024 12:59 PM
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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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