Grains see a nice recovery putting weather premium back in on the forecasts and expansion of dry areas on the Drought Monitor. We also saw a technical selling exhaustion. Cattle are seeing some profit taking after contract highs and awaiting cash direction, hogs are also consolidating after two big up days. Scott Varilek of Kooima Kooima Varilek has details.
Grains See Technical Bounce Putting Weather Premium Back In: Livestock See Profit Taking With Higher Grains
Grains recover weather premium back on the forecast and Drought Monitor. We also saw a technical selling exhaustion. Profit taking in cattle and hogs. Scott Varilek of Kooima Kooima Varilek has details.
June 01, 2023 09:21 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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