Cattle again see fund selling on early strength and sloppy cash, hogs on the long side of cattle/hog spreads. Soybeans see profit taking with Brazil rains, while corn is up with a 5 mb sale to unknown and following wheat which saw a 4 mb SRW sale to China. Scott Varilek, Kooima Kooima Varilek, has details.
Funds Continue Selling Cattle with Sloppy Cash: Profit Taking in Soybeans with Brazil Rain, Corn Sees Export Biz
Cattle again see fund selling on early strength & sloppy cash, hogs up on cattle/hog spreads. Soybeans see profit taking w/Brazil rain, corn is up with a 5 mb export sale. Scott Varilek, Kooima Kooima Varilek, has more.
November 22, 2023 09:20 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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