Cattle under pressure on consolidation after a couple up days, but they should be well supported by the futures discount and calls for steady to higher cash this week. Hogs gap higher but are getting toppy. New crop corn and soybeans see light profit taking and hedge pressure with a little better weather and after getting above $6 and $13.50. Brad Kooima, Kooima Kooima Varilek has the summary.
Cattle Consolidate Ahead of Cash, While Hogs Gap Higher with Strong Cash: New Crop Corn and Beans See Profit Taking, Hedge Pressure
Cattle lower on consolidation awaiting cash, hogs gap higher w/strong cash. New crop corn and beans see some profit taking, hedge pressure with a little bit better weather. Brad Kooima, Kooima Kooima Varilek.
June 20, 2023 09:53 AM
Related Stories
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.
Read Next
Joel Gross contends a retaliatory hammer dropped on his operation, costing him hundreds of thousands of dollars.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
