I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Cattle prices faltered on Thursday, with nearby Feeders dropping over 5.00 and Live Cattle shedding over 2.50. Rumors about what the USDA will announce today at 11:30, in regards to screwworm, are flying around. No one is certain what the situation is or will be, so traders sold off the market and took a little risk off the table. Seasonally, both Feeders and Fats tend to go lower, this time of year. Lean Hogs dropped, as well. My chart turned bearish in the October contract. Corn is bouncing back up over 4.00 this morning. It is possible that we already “know” all the bearish news in Corn. The crop may get larger, but we already know that it’s huge. Moving forward, any harvest issues of weather related yield reduction could be bullish. Soybeans, Soymeal and Bean Oil were all lower, yesterday, posting reversals that do not appear bullish to me. They are a touch higher this morning, so the weakness may have been just profit taking. Wheat markets are also higher today, but it does, perhaps in a profit taking bounce, as Wheat has been grind lower all week.
My charts indicate a new trade signal in Lean Hogs today.