Live Cattle On Monday June 11, 2018 the August Live Cattle contract opened at 106.25 and broke down to the early morning low at 105.175. It recovered and traded past the open to the high of the day at 106.675. It consolidated mid-session and then a late day swoon took price down past the early low on its way to …
AG TIME
The soy was weak, yet again led by the meal market. The weather has been good on the surface with plenty of moisture received through key growing regions of the belt. We now are back at support in the beans at 950. The USDA will release a supply and demand tomorrow, then the acreage at the end of the month. …
Lackluster : July Copper Futures
July Copper Futures The Copper advance from the March low of roughly 2.95 appears to me to be an a-b-c pattern. This rise which pressed up to 3.3155 in last week’s action I have currently labeled a B wave and am expecting a C wave breakdown. The market has given up some ground so far today and …
Grain Spreads
The liquidation theme continued today in early morning trading as corn and beans made new lows before some light profit taking set in later in today’s session. July beans lost 52 cents on the week, July soymeal lost 16 handles or short tons to close just below 358.0 and corn lost approximately 14 cents. KC and Chicago lost only one …
AG TIME – Summer Market
The soy was down nominal again today. The bean exports are lagging. The Chinese are buying Brazilian. The real has moved into a position that makes it difficult to not sell into the export arena. All aspects are working against the beans at present. This trend should continue and can open the door for further declines. As I have stated, …
AG TIME structural changes
The beans and meal are under serious pressure. This creates structural damage to both charts. The pendulum is swinging in my opinion. The Chinese are selling beans from there reserves. The Brazilian has supplied almost all recent beans. The estimates for next years SA crops are on the rise due to the extreme currency differences between the US. It is …
Grain Spreads
The great unknown in wheat on what this years winter wheat crop is or isn’t, drove KC wheat higher in my view. The overnight trade with Chicago wheat in tow followed by a brief rally in Minneapolis. As harvest moves North from Texas into Oklahoma, producers in some areas are finding a crop that has been decimated by drought. While …
Skid Marks : July Crude Oil
July Crude Oil I addressed the oil market about a week ago in an article titled “Slippery “. We have now reached a major target in my opinion. This location is the lower end of the daily cloud support and a long term channel line convergence zone. Also of note is the appearance of multi time-frame …
Livestock Report
Live Cattle On Tuesday June 5, 2018 the August Live Cattle contract opened at 102.80 and traded to the session low at 102.20. It was able to rally off the low as the June contract led the way higher for the cattle market, rallying all day long and almost going up limit. The June contact is expiring at the end …
The Fab Five : June Euro Currency
June Euro Currency The Fab Four refers to the Beatles who spearheaded the British Invasion in the mid 1960’s. The Fab Five I speak of describes the five wave advancing structure off the recent lows established in the June Euro currency market. This advance came on the backdrop of multi time frame momentum divergence. After peaking …