Cattle gain strength with improving cash of $185 in the south, $186 in the North, and shaking off the lower stock market. Hogs see more short covering. Corn and soybeans rally on corrective buying, talk of China soybean business and higher meal. Wheat sees profit taking with Ukraine moving grain through the corridor. Scott Varilek, Kooima Kooima Varilek, joins us.
Cattle Rally with Improving Cash, Short Covering in Hogs: Corrective Buying in Row Crop on Talk of China Sales
Cattle strong on higher cash, shake off lower equities. Hogs see more short covering. Corn & soybeans see corrective buying w/talk of China soybean biz, higher meal. Scott Varilek, Kooima Kooima Varilek, joins us.
October 27, 2023 01:00 PM
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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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