Cattle are seeing some pressure on profit taking and hedge selling after the record high futures and cash prices this week. Mostly $175 in the South and $290 in the north, but some live sales up to $186. Hogs seeing short covering off contract lows Thursday and unwinding of cattle/hog spreads. Bull spreading in corn with 15mb of China biz, while soybean see profit taking. Scott Varilek of Kooima Kooima Varilek covers it all.
Cattle Set Back on Profit Taking and Hedge Pressure, With Corrective Buying in Hogs: Bull Spreads Working in Corn on China Biz
Cattle see profit taking & hedge selling after record cash. Mostly $175 South, $290 North. Hogs seeing short covering off contract lows. Bull spreading in corn w/ China biz.. Scott Varilek of Kooima Kooima Varilek.
April 14, 2023 09:11 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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