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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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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