Cattle see continued profit taking awaiting cash direction but with tight showlists there is hope for steady at worst. Higher corn a headwind for feeders. Hogs score more contract lows still waiting for the cash index to catch up. Corn and wheat extend gains putting in weather premium, while soybeans are held back by lower meal and profit taking. Brad Kooima of Kooima Kooima Varilek has details.
Corn and Wheat Extend Gains on Weather, With Profit Taking in Beans and Cattle: Contract Lows in Hogs
Profit taking in cattle w/higher corn, awaiting cash. Hogs score more contract lows. Corn, wheat extend gains on weather, with profit taking in beans. Brad Kooima of Kooima Kooima Varilek.
May 23, 2023 09:15 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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