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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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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