Live cattle start higher then consolidate ahead of COF, while corn is pushing feeders back into contract highs. Hogs continue to consolidate despite stronger cash. Grains start off with more fund selling, and corn is getting pulled down by wheat, but soybeans are trying to recover with bean oil. Scott Varilek, with Kooima Kooima Varilek.
Live Cattle 2-Sided Ahead of COF, With Corn Pushing Feeders: Funds Sell in Wheat, Corn and Beans Try to Recover
Live cattle 2-sided ahead of COF, corn pushes feeders higher. Hogs consolidate despite stronger cash. More fund selling in corn and wheat, but soybeans are try to recover. Scott Varilek, Kooima Kooima Varilek.
May 18, 2023 09:37 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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