Gap lower open on cattle on disappointing cash trade at steady in the South late Friday. Hogs consolidate with cattle and with big supplies. Soybeans rally on SA weather and confirmed China biz, corn tries to follow with a Mexican export sale. Brad Kooima, Kooima Kooima Varilek, has more.
Gap Lower Open in Cattle with Cash Disappointment, Hogs 2-Sided: Soybeans Rally with China Biz, SA Weather and Corn Tries to Follow
Gap lower open in cattle on disappointing steady So. cash trade Friday. Hogs consolidate w/cattle. Soybeans rally on SA weather & China biz, corn tries to follow w/MX biz. Brad Kooima, Kooima Kooima Varilek, has more.
November 06, 2023 09:16 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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