Grains higher on technical buying and the hot, dry weather, plus a 4.4 mb sale of new crop corn to Mexico and Black Sea geopolitical concerns. Cattle futures take out major chart support with sloppy cash and ahead of the COF report but is there more downside risk? Hogs see follow through buying. Scott Varilek of Kooima Kooima Varilek has more.
Grains Higher on Weather, Technical Buying: Cattle Break Chart Support on Weak Cash, Hogs Extend Gains
Grains up on technical buying, weather, war concerns. Cattle break major chart support on sloppy cash, pre-COF. What’s the downside risk? Hogs see follow through buying. Scott Varilek, Kooima Kooima Varilek has more.
August 18, 2023 09:12 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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