Cattle continue to recover and try to fill chart gaps with a push from cash. Hogs back up after profit taking Wednesday. Soybeans leading gains with China talk and lower Brazil estimates. Corn and wheat are trying to follow. There’s not a lot of fresh news and exports were down from last week. Scott Varilek, Kooima Kooima Varilek, has more.
Cattle Still Recovering with Cash, S&P Supportive: Soybeans Rally on China Talk, Lower Brazil Estimates, Corn Tries to Follow
Cattle try to fill chart gaps with help from cash, S&P. Hogs back up. Soybeans lead gains with China talk, lower Brazil estimates. Corn & wheat are trying to follow. Scott Varilek, Kooima Kooima Varilek, has more.
November 02, 2023 09:25 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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