Cattle are seeing more profit taking with the risk off in outside markets ahead of the FOMC decision, plus some lower cash in the south at $172. Hogs mostly lower as the futures wait for cash to catch up. Jul corn supported by strong cash, but funds selling Dec corn on weather and SA supplies. Will prices hold soon? Soybeans rally with strong crush demand. Brad Kooima of Kooima Kooima Varilek has details.
Cattle See Profit Taking with Risk Off and Softer Cash, Hogs Slide With Futures Premium to Cash: Are Funds Done Selling Yet in Grains?
Cattle see profit taking w/risk off, plus some lower southern cash at $172. Hogs mostly lower waiting for cash to catch up. Funds sell Dec corn, will prices hold soon? Brad Kooima, Kooima Kooima Varilek.
May 02, 2023 10:17 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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