I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Livestock futures all closed higher on Thursday. Lean Hogs did spike down to find support near the June highs and rallied back by the close, but the short-term technicals are turning mildly bearish. Live Cattle and Feeder Cattle did find some support, as well, closing off the lows of the session. Those markets are both fairly close to 50-day moving average support, which has held so far this year. Estimates that I’ve seen for today’s Cattle on Feed report are for All Cattle to be near the 98-99% range of last year’s report, Placements near 91-92% and Marketings near 87-88%. Those numbers will be released after the close at 2 PM CT. The Corn chart seems bullish to my eye, and perhaps Bean Oil has turned bearish. Soybeans, Soymeal and Wheat seem to be casting about for a direction. I’ve heard folks talking optimistically about today’s Trump/Xi phone call, but China may not have the capacity to purchase Soybeans from the US. That hurts from the demand side, as 1/2 of US exports went to China last year.
My charts indicate new trade signals in Lean Hogs, Sugar, Cocoa and Treasury Bond futures this morning.