Cattle Futures on a Record Slide

An article on Drovers

Live and feeder cattle futures were lower again on Friday which makes a record 15 days down in the August live cattle contract and a $20 correction.

Scott Varilek of Kooima Kooima Varilek says everybody’s looking for the bottom and wants to know if it is close.

“Stairs up and the elevator down. It’s been brutal. It’s not acting like it’s bottoming here. I mean you would hope that on a Friday you’d see this oversold market and see some profit taking but the attitude is not there, we’re not feeling like we’ve got a bottom yet,” he explains.

The industry knew this market would break at some point from the record highs but no one knew when. The selling has escalated on the way down.

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