Cattle recover after profit taking Monday, but did not do technical damage. So will the market retest the highs and will cash be higher again this week? Hogs bounce but are in a sideways range. Grains are quietly mixed but corn tries to bounce off of new lows. Brad Kooima, Kooima Kooima Varilek has details.
Cattle Recover After Profit Taking Monday, Hogs Bounce: Grains Quietly Mixed With Corn Trying to Bounce After New Lows
Cattle recover after profit taking Monday. How high will prices go and will cash be higher again this week? Hogs bounce. Grains quietly mixed after new lows in corn. Brad Kooima, Kooima Kooima Varilek has more.
September 19, 2023 09:46 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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