Corn and soybeans strong early, shaking off the outside market negativity, but will it hold? Wheat sees some profit taking. Cattle also trying to hold together but with stock market jitters continue to cause fund and technical selling. Hogs seeing short covering early. Michelle Rook talks with Scott Varilek of Kooima Kooima Varilek.
Row Crops and Hogs Gain Early Shaking Off Outside Markets: Cattle see more Technical Selling, Profit Taking in Wheat
Row crops strong early shaking off the outside markets, but will it hold? When will the fund and technical selling end in livestock? Michelle Rook talks with Scott Varilek of Kooima Kooima Varilek.
September 29, 2022 08:52 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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