August Live Cattle A robust move in early weeks price action. Employing Elliot Wave Theory I have currently labeled the low at roughly 113.300 as a iv wave extreme of a v wave advance which commenced in October of last year. Mid-level overhead resistance comes in at +/- 121-121.500. A close above targets recent highs which if count …
Soybean Complex: Early Week Action
July Soybeans Another tight range develops in today’s action. Contract holds 903.6 and presses up thru inner 60 minute channel line at 910.0 mentioned in Fridays post (downward sloping). Market can’t hold above and retreats to finish at 906.6. Difficult to really make anything out of this action. Was today’s high a subset iv wave extreme now set …
Weekly Gold Report
A Thursday/Friday rally in both gold and silver halted a two and a half week slide as the 1240 level and 16.30 level were rejected in both August gold futures and July silver futures. The reluctance of selling at those levels could be telling, particularly for gold. August gold futures held trend line support and finished the week back above …
Soybean Complex: End of Week Wrapup
July Soybeans End of week action saw a tight range as prices dipped to test 900.0 level and posted a slight rebound to settle at 904.4. Yesterday I suggested support would come in around the lower 890’s at the sloping channel target. Currently in place appears what to be a five wave structural decline from the iv wave …
Ag commentary
The markets settled unchanged after a two sided trade. The weather going forward is key. I am a bit surprised that most commentaries want to buy the market. Or at least not be short. The world is awash with record surplus. record surplus. And growing. The demand has been very excellent. But we continue to grow supply. The next story …
Soy- Hit and Filled, Chaos live softs
Buy out-of-favor ? That’s where the larger rewards lie. That’s why out of favor. This is the week for major turns in my opinion. Too much going on which is normal. This means when my extreme high impact levels get hit, they get hit in a few commodities at or around the same time. Long’s have just been trounced in …
Livestock Report
Live Cattle The August Live Cattle opened (114.825) lower on Thursday, June 22, 2017 and raced down to a new low for the down move at 113.40. The low is right at the 200 DMA (113.40) support level and buyers came in at this level and took price higher. The grinding rally took the entire session, but price traded up …
Ag Commentary
The soy complex was lower today as the weather has moderated. In addition the funds have returned as heavy sellers with the continual rain. look for follow through selling to close out the week if the wet pattern holds up tonight. the leader to the downside is meal which enables the oil share to make solid gains today. The fundamentals …
Soybean Complex: Slip Sliding Away
July Soybeans Follow thru weakness dominates the bean contract as prices continued slide violating lows established in late may. weekly and daily candle formations give no sign of hold. As touched on in recent postings extended near term support comes in at 894 to 888. This area is marked by channel lines and the .618 extension level.I currently …
Full US Grain Weather Report
For the complete US Grain Weather Report, CLICK HERE. For those interested in grains, Sean Lusk, Director Walsh Commercial Hedging Services hosts a FREE Grain Outlook Webinar every Thursday at 3PM CST. If you cannot attend live, a recording will be sent to your email upon signup. REGISTER NOW. If you missed last week’s webinar you may VIEW A RECORDING.