Cattle and hogs recover with a bounce in the stock market and lower corn. Are funds done liquidating? Soybeans make a new low for the move then bounce, but corn and wheat are lower. Harvest pressure, report positioning, rains in HRW areas are all factors. Brad Kooima, Kooima Kooima Varilek says details.
Livestock Recover with Higher Equities: Soybeans Make New Lows then Bounce, Corn and Wheat Lower
Cattle and hogs recover with a bounce in the stock market and lower corn. Soybeans bounce off new lows, but corn and wheat are lower. Brad Kooima, Kooima Kooima Varilek says details.
October 10, 2023 09:40 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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