Live cattle mixed to higher with end of month positioning and awaiting cash direction, but charts look bearish. Hogs mixed but is the correction over? Corn and beans slightly higher with light short covering, higher meal and crude oil, plus a soybean sale to Mexico. Wheat sees more technical selling with winter wheat ratings well above last year. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Mixed to Higher Amid Bearish Charts, Awaiting Cash. Are Hogs Done Correcting? Row Crops See Corrective Buying with Mexico Biz
Live cattle mixed to higher EOM, awaiting cash, but charts look bearish. Hogs mixed but is the correction over? Row crops firmer on short covering, higher crude oil. Brad Kooima, Kooima Kooima Varilek, has more.
October 31, 2023 09:29 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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