Grains mostly higher with more of a risk on day in outside markets and China corn business. Cattle struggle to recover after the recent fund selling tied to macroeconomic concerns, but hogs are trying to bounce. Is the fund selling done? Brad Kooima of Kooima Kooima Varilek has the outlook.
Risk on Day in Outside Markets Supports Grains, More China Corn Biz: Hogs Bounce, Cattle Struggle to Recover
Grains mostly higher with more of a risk on day in outside markets and China corn business. Hogs bounce, while cattle struggle to recover. Brad Kooima of Kooima Kooima Varilek has more.
March 21, 2023 09:12 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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