Markets ended the week higher except for hogs. Grains saw technical buying and pre-holiday positioning, export biz and weather supportive. Cattle were up with southern cash at $156 and sharply higher cutouts. COF was as expected except for placements at 98%, above estimates. Hogs saw profit taking with lower cash. The Hogs and Pigs report was in line with trade estimates. Scott Varilek of Kooima Kooima Varilek has analysis.
Higher Closes Except Hogs: Markets Saw Pre-Holiday Positioning, Export Biz, Weather, Report Influence
Grains saw pre-holiday trade, export biz and weather supportive. Cattle were up on $156 cash, higher cutouts, report positioning. Hogs saw profit taking on lower cash. Scott Varilek of Kooima Kooima Varilek.
December 23, 2022 03:16 PM
Related Stories
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.
Read Next
Tapped by Secretary Rollins, Kip Tom is building a faster, satellite-driven replacement for NASS’s aging survey system, one he says could turn monthly reports into biweekly ones by year’s end for multiple crops.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
