Grains higher on corrective buying after the selloff in reaction to the WASDE, but dryness concerns and a lower dollar are supportive. Hogs bounce with China hopes, but cattle are seeing follow-through selling, so was Wednesday a blow off top? Scott Varilek of Kooima Kooima Varilek has the answer.
Grains See Corrective Buying After Bearish WASDE Reaction : Was Yesterday a Blow Off Top in Cattle?
Grains higher on corrective buying after the selloff post-WASDE. Hogs bounce with China hopes, but cattle are seeing follow-through selling, so was Wednesday a blow off top? Scott Varilek of Kooima Kooima Varilek.
July 13, 2023 09:14 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.
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