Cattle futures are higher early in the session making some new highs before consolidating.
Early on futures were following higher cash in the north at $183-$187 by some regionals, dressed mostly $292, up $2. Scott Varilek, Kooima Kooima Varilek, says the south has yet to trade much volume but there has been some light business in Kansas at $186.
Live cattle futures saw an early chart breakout to new highs for the move in the nearby contract with the deep deferred like the April 2025 live cattle contract making new contract highs. Varilek is optimistic the back end of the board can help pull up the front end and he says fund buying is helping to push the rally.
Fundamentally cattle continue to see support from higher boxed beef values which have been propped up by slower chain speeds.
Hogs consolidating with April still at a premium to the index but deferreds are just off contract highs.
Corn and soybean are failing after getting corn closing above the 20-day moving Thursday. It looks like markets are taking a breather before the WASDE.
China also cancelled another 4 mb of SRW wheat which seems to dampen the mood in the row crops, although wheat is trying to come back as it looks like it has priced the news in.
