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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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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