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.
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Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
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