Cattle struggle with higher corn and lower beef prices, but what will cash do this week after the resiliency displayed late last week? Hogs higher with the rising cash index but may have topped after the reversal last week. Grains higher on weather and anticipating a bullish report for beans, the wildcard is will USDA lower yield on corn? Brad Kooima, Kooima Kooima Varilek has details.
Grains Higher on Weather, Anticipating Bullish Report for Beans: Hogs Strong, While Cattle Fall with Rally in Corn and Lower Beef
Cattle fall on higher corn & lower beef, but will cash continue to be resilient? Hogs higher with the cash index but may have topped. Grains higher on weather, report squaring. Brad Kooima, Kooima Kooima Varilek.
July 11, 2023 09:42 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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