Cattle markets rebound on lower corn and higher cash trade ideas, while hogs are consolidating. Grains are mixed midday with corn and wheat seeing some profit taking and spillover from lower crude oil. Michelle Rook talks with Brad Kooima of Kooima Kooima Varilek.
Mixed Trade with Profit Taking in Corn, Wheat and Hogs: Cattle Bounce with Lower Corn
Cattle markets rebound on lower corn and higher cash trade ideas, while hogs consolidate. Grains are mixed with corn and wheat seeing profit taking. Michelle Rook talks with Brad Kooima of Kooima Kooima Varilek.
October 11, 2022 11:30 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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