Cattle extend gains after new contract highs, strong beef and record cash, and it could be higher again this week. Hogs see short covering with funds record short. Grains see support from lower than expected crop ratings and a dam that broke in Ukraine that may impact production. Brad Kooima, Kooima Kooima Varilek has more.
Cattle Extend Gains on Record Cash Ideas for This Week, Short Covering in Hogs: Grains Trade Crop Ratings, Ukraine News
Cattle extend gains on record cash and ideas of higher money this week. Hogs see short covering. Grains up on crop ratings and Ukraine concerns. Brad Kooima, Kooima Kooima Varilek.
June 06, 2023 09:50 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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