Cattle bounce as cash ideas turn higher and after futures closed well off the lows yesterday. Hogs see profit taking in all but the August contract which made new highs for the move. Soybeans bounce after lower crop ratings, corn flat. So have the grains removed too much weather premium? Brad Kooima, Kooima Kooima Varilek has more.
Cattle Recover as Cash Ideas Turn Higher, Hogs 2-sided: Soybeans Bounce after Lower Crop Ratings, Corn Flat
Cattle bounce as cash ideas turn higher, hogs see profit taking in all but the August contract. Soybeans bounce after lower crop ratings, corn flat. Brad Kooima, Kooima Kooima Varilek has more.
August 01, 2023 09:49 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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