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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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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