Cattle open strong with more new contract highs in fed and feeders following higher cash trade, but keeping an eye on debt ceiling talks. Hogs gap lower into contract lows again. Grains are mixed with corn up slightly on weather and despite poor exports. Soybeans have been a reluctant follower. Scott Varilek, Kooima Koomia Varilek.
Cattle Make New Highs Following Strong Cash, But Hogs Gap Into Contract Lows: Grains Mixed on Weather and Exports
Cattle open strong with contract highs following higher cash trade. Hogs gap lower into contract lows again. Grains are mixed watching weather and exports. Scott Varilek, Kooima Koomia Varilek.
May 25, 2023 09:11 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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