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
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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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