Live cattle trying to recover but held back by feeders which have done chart damage and some steady to lower cash. Hogs firm ahead of a Hogs and Pigs Report that is expected to show contraction. Grains are mixed end of quarter and ahead of reports. Soybeans slide below $13 after failing to close above the 100 day MA, corn still rangebound. Scott Varilek, Kooima Kooima Varilek has details.
Cattle Try to Recover, Hogs Firm Ahead of Report: Grains Mixed with Soybeans Back Below $13, Corn Still Sideways
Live cattle try to recover but held back by feeders and some steady to lower cash. Hogs firm ahead of a Hogs and Pigs Report. Grains mixed end of quarter, pre-reports. Scott Varilek, Kooima Kooima Varilek has more
September 28, 2023 09:21 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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