I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Both Live and Feeder Cattle posted gains yesterday, but trade volume dropped off significantly, in my opinion, with Tuesday’s trade. The trend in both those markets is still up, but trendline resistance looms and the bulls seem to be running out of momentum. Lean Hogs closed slightly lower on Tuesday, putting a large “spike low” on the chart. 100 day moving average support and the February highs support held and the Hogs may bounce up to fill the gap higher on the chart. Corn is up this morning, adding to the streak of gains this week. The weather forecasts look like good crop weather to me and I think rallies should be sold. Inflation has dropped off a bit, with today’s PPI data showing 2.6% compared to the last reading at 3%. My charts are indicating new signals in Cotton, Coffee, Russell, Crude Oil and Natural Gas today.