After early profit taking live cattle are off lows with the bullish COF and cash ideas supportive. Hogs are seeing fund buying and bull spreading, while corn is two-sided watching CO and the dollar. Michelle Rook w/Brad Kooima of Kooima Kooima Varilek.
LC Two Sided on Profit Taking vs. Bullish COF & Cash Ideas, Hogs See Fund Buying: Corn 2-Sided
Live cattle see profit taking after bullish COF and cash ideas. Hogs seeing fund buying and bull spreads, corn is two-sided watching outside markets. Michelle Rook w/Brad Kooima, Kooima Kooima Varilek.
November 22, 2022 11:51 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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