Cattle open higher in reaction to USDA’s confirmation of the smallest herd since 1951 and no signs of rebuilding, Hogs break on the open with grains back lower as funds return as sellers. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle Higher in Reaction to Confirmation of Smaller Herd, Hogs and Grains See Fund Selling Return
Cattle open higher in reaction to USDA’s confirmation of a small herd and no signs of rebuilding, Hogs see profit taking, grains back lower as funds return as sellers. Scott Varilek, Kooima Kooima Varilek, has more.
February 01, 2024 09:36 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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