Cattle rebound after a lower day Monday, but will they negate the possible key reversal, and will cash be higher again? Nearby hogs continue to see fund selling. Profit taking and a change in weather pressure corn and beans. More with Brad Kooima of Kooima Kooima Varilek.
Cattle Rebound, Will They Negate Monday’s Reversal? Corn and Beans Set Back on Profit Taking and Weather, Even with Higher Wheat
Cattle bounce but will they negate the reversal, and will cash be higher again? Hogs mixed. Profit taking and a change in weather pressure corn and beans. Brad Kooima of Kooima Kooima Varilek.
April 04, 2023 09:20 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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