Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Scott Varilek with Kooima Kooima Varilek says the feeder cattle ran into the 50% retracement level on some contracts and saw profit taking. However, higher cash feeders have helped the rally this week.
Brad Kooima of Kooima Kooima Varilek says a market that moves three days against the last trend often confirms a low.
Joe Kooima with Kooima Kooima Varilek says its difficult to say because the fundamentals are still sluggish with the north seeing heavy weight cattle that have not been able to find a home.
Scott Varilek with Kooima Kooima Varilek says the outside market news has been a factor in cattle but the main catalyst for the selling has been sharply lower cash trade which started breaking early in the week.
Joe Kooima of Kooima Kooima Varilek says the bounce in cattle isn’t unexpected as Friday’s selloff may have been overdone and with the financial markets seeing a recovery.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Brad Kooima with Kooima Kooima Varilek says the charts look positive but he thinks a healthy correction is in store. He’s also skeptical about USDA’s new cash report.
Joe Kooima of Kooima Kooima Varilek cattle futures have done a lot of heavy lifting the last three to four weeks with the stubborn cash market.
Brad Kooima of Kooima Kooima Varilek says last week’s technical breakout in cattle was a surprise to him due to the current fundamentals.
Last week the live and feeder cattle futures technically looked promising says Joe Kooima of Kooima Kooima Varilek, but then the market posted lower weekly closes.
Cattle futures ran into chart resistance after new highs for the move on Thursday and on live cattle the market tested the long term trend line.
Kyle Bumsted of Allendale says the market is seeing technical buying and is right up into chart resistance.
Joe Kooima with Kooima Kooima Varilek says the cattle charts are looking more friendly after last week. While grains are disappointed in the lack of details from the China trade summit.
Varilek says the slowdown in slaughter tied to ICE raids has hurt producers leverage in the cash market and it has been reflected in northern bids.
Joe Kooima of Kooima Kooima Varilek says the report is the kind of trigger needed to change the momentum in the cattle market.
Scott Varilek with Kooima Kooima Varilek says the market has seen sloppy trade and profit taking with news of the Santa Teresa port opening but it isn’t new news.
Joe Kooima of Kooima Kooima Varilek says while last week’s higher weekly closes send a strong signal a bottom is in place in the cattle market, he’s not ready to say funds will be piling back in to buy yet.
Scott Varilek with Kooima Kooima Varilek says the recovery in the cattle market this week feels good but he is watching for several signs to feel confident about sustaining it.
Brad Kooima with Kooima Kooima Varilek says the presidential executive orders will not have any immediate impact on the cattle industry or the market.
Scott Varilek with Kooima Kooima Varilek says the cattle market is very oversold and due for a bounce but the long term charts have been damaged.
Cattle futures were trying to bounce early Monday as both live and feeder cattle are oversold after lower weekly closes says Brad Kooima with Kooima Kooima Varilek. However, he was cautious about it holding.
Scott Varilek with Kooima Kooima Varilek says after a bounce on Thursday many producers were asking if a bottom was starting to be forged but the negative stories won’t die down.
Brad Kooima of Kooima Kooima Varilek says the placements were 11% below last year and a bullish surprise for him and the trade. However, the President’s beef plan it stifling the recovery.
Scott Varilek with Kooima Kooima Varilek says the Truth Social post from President Trump that 300,000 MT of beef imports will enter the U.S. duty free over the next 90 days to lower beef prices tanked the cattle market early Friday.
Joe Kooima with Kooima Kooima Varilek says the cattle were down early Friday pricing in the plant closure news, but this time seems different regarding the long term implications for the market.