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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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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