Nearby cattle make new highs as record cash tricklea in, while hogs make new contract lows following lower cash and cutouts. Corn and soybeans have backed off highs, with wheat as an anchor. However, old crop continues to show how tight supplies are through the bull spreads. While new crop looks forward to growing supplies. Mike Minor of Professional Ag Marketing covers it all!
Nearby Cattle Hit New Highs on Record Cash, Hogs Make New Lows: Grains Off Highs with Wheat as an Anchor, but Bull Spreads Working
Nearby cattle hit new highs as record cash trickles in, while hogs make new contract lows. Corn and soybeans have backed off highs, with lower wheat but still seeing bull spreads. Mike Minor of Professional Ag Marketing.
April 13, 2023 01:24 PM
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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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