I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live and Feeder Cattle both closed higher on Wednesday. The trend are still up, fundamentals still bullish, in my opinion but markets seem uncertain. Producers worried about the typical seasonal weakness, which we haven’t seen yet, may wish to consider Put Option positions, just in case. Corn and Wheat bounced a little higher on Wednesday, but the selling pressure has resumed in the overnight session. Both of those markets still appear bearish from a chart view, although one could make the case that all of the “bad” news is known and any harvest issues or yield reductions could be bullish. Soybeans were strong yesterday, closing up 11 1/2 cents at 10.44 1/4. Overnight they traded just shy of 10.50 and failed. Currently the market is posting what could be a “key reversal”, much like it did when posting highs in June and July. This rally may be a selling opportunity in Beans. Soymeal also traded up to 300.10 overnight and is putting up a similar chart pattern to Soybeans. Bean Oil is working on a “bearish engulfment” for today’s trade, so far. Might be a pattern, stay tuned!
My charts indicate a new trade signal in Gold today.