Cattle open strong following higher cash in the north at $254 and $160. Hogs mixed still trying to bottom with the cash index slowly improving. Corn and soybeans bounce with strong cash basis and following SA weather and higher crude oil prices. Scott Varilek of Kooima Kooima Varilek has details.
Cattle Strong Following Higher Cash: Grains Up on Corrective Buying, SA News, Crude Oil Supportive
Cattle strong w/higher cash of 254/160. Hogs mixed with the cash index slowly improving. Corn, soybeans supported by strong cash, SA weather, higher CO. Scott Varilek of Kooima Kooima Varilek has more.
February 10, 2023 09:10 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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