I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle and Feeder Cattle markets closed slightly lower on Tuesday. The trend is still up, cash trade remains strong and at high levels, but the futures seem to be losing some bullish momentum. 2 months without a meaningful retracement has the bulls stretched a bit, I think. Lean Hogs closed higher on Tuesday. I expect the December contract to become the front month in Hogs later this week, and Dec posted a new contract high close. My Corn charts have turned bullish, in the short term and suggest an eventual move back up to 4.50-4.60. Soybeans flipped to the “sell side” on my charts this morning, suggesting a push back toward the lower end of the this past year’s trading range. Soymeal also looks bearish to me at the moment. Bean Oil has a strong fundamental story, I think, but momentum is on the side of the bears, for the moment. Wheat trade continues to be choppy and sideways. Chicago is showing some sign of acting “less bearish” but KC Wheat continues a slow grind lower.
This morning my charts indicate new trade signals in Soybeans, Wheat and 30-Year T-Bond futures.