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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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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