Cattle seeing a bounce as hedge pressure is starting to fade but the markets continue to trade cautiously. Hogs can’t sustain a rally with bigger numbers. Grains fail to see any follow through after the reversals yesterday, how much lower will corn go and should livestock producers by buying feed? Scott Varilek of Kooma Kooima Varilek has details.
Cattle Bounce as Hedge Pressure Subsides, Hogs Can’t Sustain Rally: No Follow Through Buying in Grains After Reversals
Cattle see a bounce as hedge pressure fades. Hogs can’t sustain a rally w/big numbers. Grains fail to see follow through after the reversals with poor corn exports and risk off. Scott Varilek, Kooima Kooima Varilek.
May 04, 2023 11:07 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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