I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live and Feeder Cattle markets seemingly ran out of bullish momentum on Thursday. Profit taking and position squaring in front of today’s Cattle on Feed and also the Cold Storage data may be likely. Estimates that I’ve seen are for all Cattle to be down 2%, Placements down 9% and Marketings down 6%. On paper, those should be bullish numbers, but market perception/reaction is perhaps smore important. Keep in mind that seasonally, Cattle prices tend to trend lower this time of year. Corn flipped to the “buy” side on my chart yesterday, as Dec Corn closed at the highest level this month. The major crop tour has ended and record Corn and Soybean yields are forecast for IA and MN this year. Soymeal is struggling to get through 100-day resistance and the huge rally in Bean Oil will add bearish pressure to Meal. If Soybean Oil can get through the 50-day moving average, it may be ready to head back higher. Flash export sales in Corn were announced this morning, with Spain and Costa Rica tagged as buyers. Perhaps the EU will start buying our Corn soon.
My charts indicate new trade signals in Corn, Russell 2000, Crude Oil and Heating Oil this morning.