I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Cattle markets were hit with a large wave of selling and profit taking pressure yesterday. My take is that it was spurred by end of the month profit taking, at the end of a HUGE move up in prices. Fundamentals have not changed, but I do expect Live and Feeder Cattle to retrace lower. Not in one day, mind you, but perhaps 5.00 lower in Live Cattle and 10.000-12.000 lower in Feeders would target a 50% retracement of the July rally. Wheat and Soybean Oil are leading the Grain/Soy lower overnight. Corn is trying to bounce higher, but I’m not sure it will amount to much. Soybeans have a trendline target of 9.70 or so on my chart. Unemployment Data from 7:30 this morning has the Bond market rallying aggressively along with Gold and Silver moving higher from significant moving average support. The US Dollar is sharply lower and the US Stock Indexes have turned weaker, as well.
My charts indicate new trade signals in Soybean Oil, Sugar, E-mini S&P and Dow Futures this morning.