Cattle fade a lower open and bearish COF report to end higher with strong cash and weather both supportive. Hogs reacted to a bearish USDA report with big upfront supplies. Grains all higher on EOY trade, Brazil weather and demand news and/or China talk. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle Shake Off Bearish COF, Grains See EOY, Wx and Demand Pop: While Hogs Digest USDA Data
Cattle faded a bearish COF report twith strong cash and weather both supportive. Hogs reacted to a bearish USDA report. Grains up on EOY positioning, SA wx and demand. Scott Varilek, Kooima Kooima Varilek, has more.
December 26, 2023 02:39 PM
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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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