Cattle continue their technical correction, keeping an eye on cash. Hogs see more short covering with higher cash and cutouts. Grains open higher with fund buying, a dry forecast and the Drought Monitor expanding drought areas. Dec corn above the 100 day MA so how high can it go? Scott Varilek, Kooima Kooima Varilek has more.
Cattle Continue to Correct Watching Cash, Hogs Rally on Cash, Cutout Strength: Grains Rally on Weather, Expanding Drought
Cattle still correcting, with an eye on cash. Hogs see more short covering with higher cash & cutouts. Grains up w/fund buying, dry wx, Drought Monitor expanding drought areas. Scott Varilek, Kooima Kooima Varilek.
June 15, 2023 09:21 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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