Livestock markets all stayed firm on Tuesday, with the August Live and Feeder Cattle contracts leading the way and setting new contract highs. Lean Hogs weren’t up as much as the Cattle markets, but still posted a nearly 1 month high close. All of those markets continue to look bullish to me. Grains, perhaps, not so much. Corn and Wheat continue to set new contract lows on a daily and weekly basis. We’re awfully close to Dec Corn at 4.00 and Sept Wheat at 5.00. Those are big, fat, round numbers that may offer support, but the downward momentum has been unshakeable. The Soy group is mildly higher this morning, but weather remains a bearish pressure across the board.
My charts indicate new trade signals in Lean Hogs, Soymeal, Cocoa, Gold, Crude Oil and RBOB (Unleaded Gas) this morning.