Cattle lower, but with higher cash and cutouts and tight supplies is this just healthy profit taking? Hogs try to recover after technical damage and China trade concerns. Corn and soybeans position ahead of the report but are still rangebound. Brad Kooima of Kooima Kooima Varilek has analysis.
Live Cattle See Profit Taking after NCHs, Hogs Try to Recover: Grains Mixed Ahead of USDA Report
Cattle lower, but with is this just healthy profit taking after contract highs? Hogs try to recover after new lows. Report positioning in the grains. Brad Kooima of Kooima Kooima Varilek has analysis.
February 07, 2023 11:31 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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