Cattle futures start lower Friday morning after new highs for the move Thursday.  Scott Varilek, Kooima Kooima Varilek, says that market is overbought and into chart resistance and so traders are taking some profits ahead of the Cattle on Feed Report.  Cash cattle trade has been quiet but the signal of a bottom has brought buyers into the futures as well as lower interest rates and the strong stock market.  Hog futures also making new highs for the move Friday morning pushed by speculative or technical buying but it may also be better than expected demand.  Corn and soybeans are setting back on harvest pressure and some forecasted rains for Brazil, despite higher wheat and 4.4 million bushels of soybean export business to China.  

Cattle futures start lower Friday morning after new highs for the move Thursday.  Scott Varilek, Kooima Kooima Varilek, says that market is overbought and into chart resistance and so traders are taking some profits ahead of the Cattle on Feed Report.  Cash cattle trade has been quiet but the signal of a bottom has brought buyers into the futures as well as lower interest rates and the strong stock market.  Hog futures also making new highs for the move Friday morning pushed by speculative or technical buying but it may also be better than expected demand.  Corn and soybeans are setting back on harvest pressure and some forecasted rains for Brazil, despite higher wheat and 4.4 million bushels of soybean export business to China.

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets.

Markets Now with Michelle Rook

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets.