Live cattle futures score new contract highs after a bullish COF report and strong cash. Hogs consolidate, while grains see technical selling and a lack of bullish news to push the market higher. Talk of extending the Ukraine export deal also weighted on futures as well as poor export inspections for corn and wheat. Michelle Rook breaks it down with Pat Von Tersch of Professional Ag Marketing.
Live Cattle Score New Contract Highs on Report and Strong Cash: Hogs Consolidate, With Grains Lower on Technical Selling
Live cattle hit new contract highs after bullish report, strong cash. Hogs consolidate, grains see technical selling & lack of bullish news. Michelle Rook talks with Pat Von Tersch of Professional Ag Marketing.
October 24, 2022 03:07 PM
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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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