Cattle Try to Recover After Down Week: Soybeans Rebound on China Biz, But Corn Slips

Brad Kooima, Kooima Kooima Varilek, expects cash cattle and futures to recover this week if the stock market can stablilize. Soybeans rebound on China business and South American weather, but corn fails.

Cattle and hogs trade two-sided early while grains are mixed.

Brad Kooima, Kooima Kooima Varilek, says cattle futures are trying to recover after a lower week which left considerable technical chart damage with some spillover help from a stable stock market.

Cattle were weighed on by the stock market melt down last week and by algrorthim traders on an anthrax headline that was not a herd health issues.

However, the cattle market also disappointed by the $2 lower cash in the South at mostly $181 live and in the North at mostly $288 dressed.

Kooima believes the cash market and cattle futures can stabilize this week as packers were looking for cattle late on Friday and he believes that are short bought.

Lean hog futures are also trying to bounce after a lower week although here Kooima thinks the market may have put in a near term top.

Soybeans recover from Friday’s ugly reversal on China export business to the tune of 4.85 million bushels of new crop soybeans and South American weather concerns with continued hot, dry forecasts through September.

Corn started lower after the poor technical action on Friday, plus caution ahead of the September WASDE as the market eyes a big crop.

However, corn has traded two-sided with higher soybeans and meal supportive.

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