5 Minutes on the Markets – 05/07/25

Both Live and Feeder Cattle posted new contract highs for the 3rd consecutive day. The trends are certainly still up, but momentum seems to be dropping. Lean Hogs gapped lower yesterday and appear poised to test 200 day support. Grains got a bullish bounce overnight, on new that the US and China will meet this weekend in Switzerland. Obviously, nothing has been resolved yet, but meetings are being perceived as a bullish sign. Metals are a bit lower, on profit taking, I think, following that announcement. The FOMC meeting ends today, markets don’t seem to be expecting any rate cuts.