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Cattle futures had a large down day yesterday, with Feeder closing limit down and Live Cattle not far behind them. Both of those markets will trade with Expanded Limits today, up or down, of 13.750 in Feeder Cattle and 10.75 in Live Cattle futures. My take is that these markets are due for a retracement and when the downward pressure stops, that might prove to be a buying opportunity. Grain markets might be quiet until the WASDE on Friday morning. Soymeal is behaving as if it is now in a bullish patter, to my eye. Wheat markets are still trending lower, but the KC/CHI spreads are starting to hook up a bit, potentially signaling a shift in trend.
My charts indicate new signals in Soymeal, Coffee, Copper, Dow Jones, RBOB (Unleaded Gas) and Heating Oil (diesel) futures this morning.