Grains pop ahead of the USDA Report and with better exports. Cattle trade mostly higher awaiting cash but higher beef prices are supportive, while hogs slide with seasonally lower cash. Scott Varilek, Kooima Kooima Varilek has details.
Grains Bounce Ahead of Reports: Cattle Mostly Higher with Strong Cutouts and Cash Ideas, Hogs Slide Seasonally with Cash
Grains pop ahead of the USDA Report, while cattle trade mostly higher awaiting cash but higher beef prices are supportive, hogs slide with seasonally lower cash. Scott Varilek, Kooima Kooima Varilek has details.
August 10, 2023 11:30 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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