I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Both Live and Feeder Cattle closed at new contract highs on Friday. After the close, Cattle on Feed data came out, with the total number on feed dropping 2% from last year’s total, Placements down 6% and Marketings down 6%. On paper, I think those are all bullish numbers. And the Live and Feeder charts are technically, very strong. But I wouldn’t be surprised, at all, if Cattle open weaker on Screwworm panic, confirmation of bullish COF data and the general thought of “the top MUST be in this time.” Wire reports over the weekend indicate a travel-related case of human Screwworm, but nothing in the Livestock herds. Grain markets are all up this morning. Perhaps all of the “bad” news is known (huge Corn crops, good weather for Soybeans if the pods can fill, etc.) and the markets want to rally some. Seasonal lows in Corn have been creeping earlier on the calendar of the past 5 years, or so.
My charts indicate new trade signals in Bean Oil, Wheat, Cotton, Gold, Silver and 10-Year Notes this morning.