Cattle consolidating after hitting chart resistance, with lower boxed beef prices. Hogs and corn higher on short covering, while soybeans slide back lower on SA weather. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Consolidating with Lower Beef, Soybeans Slide on SA Wx, Hogs and Corn Bounce
Cattle consolidating after hitting chart resistance, with lower boxed beef prices. Hogs and corn higher on short covering, while soybeans slide back lower on SA weather. Brad Kooima, Kooima Kooima Varilek, has more.
January 04, 2024 09:45 AM
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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.
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