Grains are oversold and bounce on corrective buying with new money and a new month. Live cattle see some consolidation with steady cash in the south, lower in the north and hogs also set back with the lower index. Scott Varilek, Kooima Kooima Varilek has more.
Grains Bounce on Corrective Buying: Cattle and Hogs See Pressure with Higher Grains and Steady to Lower Cash
Grains are oversold and bounce on corrective buying. Cattle consolidate with steady cash in the south, lower in the north and hogs also set back with the lower index. Scott Varilek, Kooima Kooima Varilek has more.
September 01, 2023 09:13 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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