Cattle open lower after a neutral COF, seeing profit taking and the lack of cash weighing on futures. Hogs continue to correct with supplies backing up. Did corn and soybeans put in lows last week after holding long term support? Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Lower After Neutral COF: Hogs Correct but Corn and Soybeans May Have Made Lows?
Cattle lower despite neutral COF, on profit taking and the lack of cash. Hogs continue to correct with supplies backing up. Did corn and soybeans put in lows last week? Brad Kooima, Kooima Kooima Varilek, has more.
January 22, 2024 09:34 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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