Cattle start off higher and then turn mixed with some end of the month profit taking but should be well supported with ideas of strong cash. Hogs also turn mixed still fighting the futures premium to the index and poor technicals. Grains continue to see fund liquidation especially as support areas are violated including $15.00 on soybeans. Brad Kooima of Kooima Kooima Varilek has more.
Livestock Mixed on End of Month Positioning: Funds Continue to Sell in Grains with Support Violated
Livestock mixed on end of month positioning. However, cattle should be supported by higher cash ideas this week. Funds continue to sell in grains taking out support. Brad Kooima of Kooima Kooima Varilek has more.
February 28, 2023 09:19 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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