Grains and livestock prices under pressure with commodity wide selling tied to the risk off in outside markets after a bearish CPI numbers. However, reports of higher cash cattle trade may stabilize that market. Michelle Rook gets details with Scott Varilek of Kooima Kooima Varilek.
Lower Opening in Commodity Markets with Risk Off Spillover from Bearish CPI Data: Higher Cash May Stabilize Cattle
Early price pressure with risk off in outside markets after a bearish CPI numbers. Higher cash cattle trade may stabilize that market. Michelle Rook talks with Scott Varilek of Kooima Kooima Varilek.
October 13, 2022 08:45 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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