Live cattle see follow through selling on risk off in outside markets and lower Southern cash at $170. Feeders leading with lower corn. Hogs gain with strong exports and higher cash. Grains see fund selling on poor exports, bearish WASDE expectations, lower outside markets. Scott Varilek, Kooima Kooima Varilek has details.
Live Cattle Fall with Lower So. Cash, Hogs and Feeders Up: Grains See Fund Selling on Bearish Exports, WASDE, Outside Markets
Live cattle see more selling on outside markets, lower So. cash at $170. Hogs up on strong exports, higher cash. Grains down on poor exports, bearish WASDE. Scott Varilek, Kooima Kooima Varilek has details.
May 11, 2023 09:29 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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