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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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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