Cattle futures are higher with short covering, putting in weather premium and gearing up for the USDA reports. The markets are also awaiting cash direction. Meanwhile, hogs are lower on China news and lower cash. Grains futures are lower with profit taking after running into chart resistance. Brad Kooima with Kooima Kooima Varilek has more.
Cattle See Short Covering Awaiting Weather, Cash and Reports and Hogs Pressured by Cash: Grains Lower on Profit Taking
Cattle futures higher on short covering, ahead of cash and reports, plus putting in weather premium. Hogs lower on China news, lower cash. Grains futures lower on profit taking. Brad Kooima of Kooima Kooima Varilek.
January 18, 2023 11:33 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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