Grains try to recover midday with help from the reversal in outside markets like crude oil. Live cattle are mixed after new highs Monday with bullish hopes for the USDA Cattle Inventory Report. Hogs lower with the futures premium to the LHI and softer cash. Scott Varilek of Kooima Kooima Varilek has details.
Grains Try to Recover Midday with Help From Reversal in Outside Markets: Live Cattle Mixed Ahead of Cattle Inventory
Grains try to recover midday with help from the reversal in outside markets. Live cattle are mixed with bullish hopes for the USDA Cattle Inventory Report. Scott Varilek of Kooima Kooima Varilek has details.
January 31, 2023 02:47 PM
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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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