Live cattle are choppy but the futures discount to cash is supportive and Brad Kooima, Kooima Kooima Varilek says cash could be steady to higher this week. Lower corn supports feeder. Hogs mixed but continue to struggle with big slaughter numbers. Grains are lower after hitting chart resistance and with fast planting, weather and WASDE positioning plus China cancels another 10.7 mb of corn.
Live Cattle Choppy Awaiting Cash, Hogs Mixed: Grains Lower with China Corn Cancellation, Fast Planting, WASDE
Live cattle 2-sided but Brad Kooima, Kooima Kooima Varilek says cash could be steady/higher. Hogs mixed but struggle with big supplies. Grains lower on fast planting, wx, WASDE, China cancels 10.7 mb corn.
May 09, 2023 09:31 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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