Wheat
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.
Brad Kooima of Kooima Kooima Varilek says live cattle failed at the 50% retracement levels, even with higher cash trade. So, what will it take to get through those resistance areas on the futures?
Scott Varilek with Kooima Kooima Varilek says cattle futures hit resistance on the charts despite higher cash. So what will it take to get through those resistance areas?
Scott Varilek with Kooima Kooima Varilek says there are signs he’s looking for yet in the cattle market to confirm the lows are in.
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.
Short on hands and mourning a loss, the Chapman family keeps a five-generation legacy rolling near Lee’s Summit.
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.
Joe Kooima, Kooima Kooima Varilek says the question is whether or not a bounce in the cattle can hold or if funds will use it to exit more of their long positions.
Scott Varilek of Kooima Kooima Varilek says everybody’s looking for the bottom in the cattle market and wants to know if it is close.
Brad Kooima, Kooima Kooima Varilek, says the cattle charts look tough right now.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Live and feeder cattle futures made new highs for the move early Monday but ended well off highs. So can the markets retest the highs?
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Brad Kooima says cattle were catching some spillover selling from the news the Iran peace deal had been signed, the higher equity markets and lower crude oil futures.
Scott Varilek with Kooima Kooima Varilek says the cattle market saw some pre-weekend positioning and was also trading news that a JBS beef slaughter plant in Pennsylvania was closing.
Ben Rand of Blue Line Futures says an unprecedented Western drought is shrinking crops, drying up wells, tightening hay supplies and accelerating cattle herd liquidation across the region
A case of New World Screwworm (NWS) only 52 miles from Texas was reported by USDA on Thursday making it the closest detection to the U.S. to date. Brad Kooima with Kooima Kooima Varilek says that is pressuring cattle futures.
Joe Kooima with Kooima Kooima Varilek says at least initially it looks like the cattle futures had already anticipated the negative report data with the sell off late last week.
Scott Varilek with Kooima Kooima Varilek says the pressure came from fund long liquidation and was continuing on Friday with significant chart damage done.
Grain and hog futures were sharply higher on Monday morning as the White House released details of the China trade framework on Sunday which includes $17 billion of ag purchases per year.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Cattle futures posted lower weekly closes and Brad Kooima with Kooima Kooima Varilek says the action was a red flag to him since it came after record fed cash trade.
Scott Varilek of Kooima Kooima Varilek says cash cattle trade hit record levels on Thursday and helped pull futures higher Friday. Grains are trying to recover from the big wash out with crude oil this week.
Brad Kooima of Kooima Kooima Varilek says it is dangerous to try to pick a high in this cattle market but it fits the profile of a technical top.
Scott Varilek of Kooima Kooima Varilek says tight supplies and a record cash market have supported the move to new highs. How high can live and feeder cattle futures run?
Brad Kooima with Kooima Kooima Varilek says some of the recovery is technical in nature as the June live cattle bounce off of key support and the 38% retracement level around $243.00 last Thursday. However, there are also fundamental reasons for bounce.
Scott Varilek with Kooima Kooima Varilek says $243 was the line in the sand for the June live cattle or funds would liquidate and it held after Brooke Rollins canceled her trip to Arizona which alleviated fears of a border reopening.