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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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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