I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle and Feeder Cattle closed at new contract highs on Wednesday. Volume was weak, again, in those two markets. The trend is still up, but may be losing momentum. Boxed Beef prices declined again yesterday, but the cash markets for lighter cattle remains at very high prices, in my opinion. Grains, for the most part, had a good day up yesterday. This morning’s Export Sales were less than great, so we see some weakness in Corn, Beans, Wheat and Soymeal today. Some weather forecasts are calling for hot, dry conditions in August, which could be significant. There are overhead gaps in Corn and Beans and I believe producers should be looking to add hedges at those levels. Bean Oil remains the only market that I see with “Bullish” fundamentals, right now. My charts indicate new signals in Bean Oil, Russell 2000 and RBOB this morning.