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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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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