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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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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