Live cattle see more profit taking, despite higher boxed beef and strong cash, feeders react to lower corn. Hogs bounce with lower corn and higher cash and cutouts. Grains lower on profit taking, hedge selling, news Ukraine grain barges are being loaded and a slightly better extended forecast. Brad Kooima of Kooima Kooima Varilek has details.
Live Cattle Lower on Profit Taking, Hogs Bounce with Higher Cash, Cutouts: Grains See Correction Watching Weather and War News
Live cattle see more profit taking, despite higher boxed beef and strong cash. Hogs bounce with higher cash and cutouts. Grains lower on profit taking. Brad Kooima of Kooima Kooima Varilek has details.
July 25, 2023 09:52 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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