After two up days funds use strength in the cattle to sell so there’s no confirmation of a bottom yet. Hogs slide with lower cash. Corn follows wheat higher, with soybeans seeing some profit taking. Brad Kooima, Kooima Kooima Varilek has more.
Funds Return as Sellers in Cattle and Hogs: Corn Follows Wheat Higher, Soybeans Ease
After two up days funds use strength in the cattle to sell. Hogs slide with lower cash. Corn follows wheat higher, with soybeans seeing some profit taking. Brad Kooima, Kooima Kooima Varilek has more.
December 12, 2023 09:12 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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