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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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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