Cattle seeing some profit taking, but is it just a healthy correction? And will cash cattle continue to move higher this week. Hogs supported by ASF in Hong Kong. Meanwhile soybeans and meal are consolidating, is the bullish SA news dialed into prices? Brad Kooima of Kooima Kooima Varilek has the answers.
Cattle See Corrective Selling, While ASF News Supports Hogs: Soybeans and Meal Consolidate
Profit taking in cattle, but is it just a healthy correction and will cash be higher this week? Hogs supported by ASF concerns. Soybeans and meal consolidate. Brad Kooima of Kooima Kooima Varilek has more.
February 14, 2023 11:24 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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