Cattle see fund selling resume but is the low really in and did the LRP program contribute to the selloff? Hogs consolidating, while corn and wheat are up with liquidation easing on first notice day and with strong weekly exports. Soybeans drift eyeing extended rain chances in Brazil. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle Retreat, So is the Low Really In? Corn Up as Liquidation Eases on First Notice Day
Cattle see fund selling resume but is the low in? Hogs consolidating, while corn up with liquidation easing on first notice day & with strong weekly exports. Scott Varilek, Kooima Kooima Varilek, has more.
November 30, 2023 09:27 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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