Grain and livestock futures are mostly lower except hogs. Cattle continue to correct with steady to lower cash trade ideas, but how low will prices go? Hogs are seeing short covering and spread unwinding with cattle. Grains continue to see technical selling and globally are not competitive on price. Brad Kooima of Kooima Kooima Varilek has insight.
Markets Mostly Lower Except Hogs: Cattle Continue to Correct and Grains Lower with More Technical Selling, Watching Weather
Cattle continue to correct w/lower cash trade ideas, but how low will prices go? Hogs see short covering & spread unwinding w/cattle. Grains continue to see technical selling. Brad Kooima, Kooima Kooima Varilek.
April 25, 2023 09:23 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.
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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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