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Live and Feeder Cattle closed mildly higher on Thursday, with both markets holding above their respective 100-day moving averages. The aggressive selling pressure may have dried up but I wouldn’t expect things to reverse back to the bullish side as quickly as prices came down. Fundamentals are still bullish, in my opinion, and the long term trend is still up. Lean Hogs continue to grind along the 200-day moving average. Prices in that market have been down all month, and may be due for an end of month profit taking rally. Grains traded mixed yesterday, with Corn and Wheat retracing back from resistance, while Soybeans and Soymeal continued to trade higher. Large trading range for Soybeans yesterday, extending from a tick off the weekly low to close at 13-month highs. Once Beans close above Sept. ’23 highs, that will further cement the bullish breakout. Wheat seems to backing and filling to the price gaps left from Fri-Mon this week. If those gaps are filled and support holds, this could be the beginning of a bullish turn for Wheat. S&P and Nasdaq futures posted bearish reversals yesterday, but are trading higher this morning.
My charts indicate a new trade signal in Cocoa futures this morning.