Cattle end higher on stronger cash and ahead of the COF which confirmed tight supplies. Hogs lower for the week so is the market rolling over? Grains see a technical bounce as markets are oversold. Scott Varilek, Kooima Kooima Varilek, has analysis.
Cattle Higher with Stronger Cash and COF Confirming Tight Numbers, Hogs Roll Over: Grains See Technical Bounce
Cattle end higher on stronger cash and ahead of the COF which confirmed tight supplies. Hogs lower for the week. Grains see a technical bounce as markets are oversold. Scott Varilek, Kooima Kooima Varilek, has more.
September 22, 2023 02:39 PM
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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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