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. Buyers showed up on a dip in price last Thursday and Friday, maintaining good bullish momentum on higher volume trade. I don’t see anything bearish on the Cattle charts, expect prices to continue to rally. Lean Hogs posted a bullish close, as well, and the October contract has the previous contract high in it’s sights, I think, which would be about 2.00 higher still. Corn, Soybeans and Wheat are all weaker this morning. Soybeans are sagging on news of China buying more South American Soy, even though ours is cheaper. On the monthly chart, December Corn posted a strong bullish reversal patten in August. The crop will likely get “smaller”, but still be a record, and traders may have factored in too large of a crop already. Wheat continues to consolidate, but KC Wheat looks like it has the big, fat, round number of $5.00 in the future. perhaps another 10 cents or so lower from here.
My charts indicate new trade signals in Bean Oil, Sugar, Heating Oil (Diesel) and Natural Gas futures today.