Markets are mostly higher except wheat. Corn and soybeans continue to recover on short covering, strong meal on Argentina crop rating slide. Can they exceed 50% retracements? Cattle back higher with higher cash and putting in weather premium, hogs higher but still looking for direction. Scott Kooima of Kooima Kooima Varilek has details.
Corn and Beans See More Short Covering: Cattle Back Higher with Strong Cash, Putting in Weather Premium
Corn, soybeans see more short covering, w/strong meal & drop in Argentina crop ratings. Cattle up with strong cash, putting in weather premium, hogs up for now. Scott Kooima of Kooima Kooima Varilek has details.
March 03, 2023 11:27 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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