Technical buying supports rally in livestock, cattle break to new highs for the move. Higher cash also supportive. Grains set back on technical selling, harvest pressure, hopes for Black Sea export deal extension. Michelle Rook talks with Brad Kooima of Kooima Kooima Varilek.
Technical Buying in Livestock Pushes Cattle into New Highs, Grains Lower on Harvest Pressure, Black Sea Export Hopes
Technical buying supports livestock, cattle break to new highs for move. Grains see technical selling, harvest pressure, Black Sea export deal hopes. Michelle Rook talks with Brad Kooima of Kooima Kooima Varilek.
October 18, 2022 11:24 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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