Cattle Two-Sided Despite Firmer Cash: Corn and Soybeans See Light Pressure

Brad Kooima, Kooima Kooima Varilek, says the cash cattle trade will likely be steady this week which may mean the futures could stall out. He thinks the party could be over in row crops.

Cattle futures open higher on the heels of slightly firmer cash trade, but then trade two-sided.

Brad Kooima, Kooima Kooima Varilek, says the cash cattle trade will likely be steady this week which may mean the futures could stall out.

The key will be if funds defend their long position in the cattle futures?

Funds are long in the lean hogs as well but that market is looking toppy or tired.

Grains are mixed early with corn and soybeans seeing a lack of fund short covering due to harvest pressure and forecasted rains in South America, so that party may be over according to Kooima.

The markets are also starting to gear up for the October WASDE.

How low could prices go?

Kooima is watching December corn in the $4.00 to $4.05 area for support and $10 for November soybeans.

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