Markets continue mixed at midday. Profit taking a feature plus spillover with a risk off outside market environment due to the disappointing CPI impacting the commodity sector and fear of a rail strike. Livestock are also seeing cattle hog spreading amid a more favorable outlook for cash cattle this week. Michelle Rook gets an update from Brad Kooima of Kooima Kooima Varilek.
Grain and Livestock Mixed: Risk Off Outside Markets on CPI and Rail Strike Feature Trigger Profit Taking in Cattle and Row Crops
Markets continue mixed with profit taking and spillover from outside markets on the CPI news. Livestock are seeing cattle hog spreading. Michelle Rook gets an update from Brad Kooima of Kooima Kooima Varilek.
September 13, 2022 02:54 PM
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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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