Cattle extend gains in step with a higher stock market and correcting its oversold status but cautious ahead of the COF. Hogs see profit taking and spreading against cattle. Profit taking in soybeans, but corn tries to extend gains with higher wheat and Mexican export biz. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Continue to Consolidate Pushed by Equities, Hogs Retreat: Soybeans See Profit Taking, Corn Extends Gains
Cattle oversold, following higher equities but cautious ahead of COF. Hogs see profit taking and so do soybeans. Corn higher with wheat and Mexican export biz. Brad Kooima, Kooima Kooima Varilek, has more.
November 14, 2023 09:26 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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