Cattle open higher but are losing steam. Is the top in after yesterday’s key reversals, which came despite record cash yesterday. North $300/$190-$193. Hogs consolidate with uncertainty on Prop 12. Corn lower on better forecast, poor exports while soybeans see bull spreading indicating tight old crop stocks. Scott Varilek of Kooima Kooima Varilek has details.
Cattle Fade Higher Open With Some Calling a Top, Hogs Consolidate: Grains Mixed on Weather, WASDE, Exports
Cattle open higher then fade. Is the top in after yesterday’s key reversals & record cash? Hogs consolidating. Corn lower on better forecast, while soybeans see bull spreading. Scott Varilek, Kooima Kooima Varilek.
June 08, 2023 09:26 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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