Live cattle score new contract highs early on weather and the COF report reaction, then set back on hedge pressure. Hogs also hit new highs after the report. Corn and soybeans are putting in SA weather premium but will it hold? Brad Kooima of Kooima Kooima Varilek has analysis.
Grains Mostly Higher Putting in SA Weather Premium: Livestock Mixed After New Highs in LC and LH
LC hit new highs on weather and the COF report, then see hedge pressure. Hogs also hit new highs after the report. Row crops put in SA weather premium. Brad Kooima of Kooima Kooima Varilek has analysis.
December 27, 2022 11:33 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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