Cattle turn mixed after a higher start on the heels of a slightly friendly COF report. Can cattle recover now? Hogs see more technical buying. Soybeans up on disappointing rains in Brazil, while corn 2-sided with beans up and wheat down. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Mixed After Friendly COF Report: Soybeans Up on Disappointing Brazil Rains, Corn 2-Sided
Cattle turn mixed after a slightly friendly COF report. Can cattle recover? Hogs see more technical buying. Soybeans up on disappointing Brazil rains, corn is 2-sided. Brad Kooima, Kooima Kooima Varilek, has more.
November 20, 2023 09:19 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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