I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Cattle on Feed numbers were released Friday after the close. All Cattle for slaughter down 1% from last year, Placements down 10% and Marketings 14% lower than a year ago. The short-term moving averages have turned positive on my charts and I do think the numbers are bullish (less cattle, more people to feed) but we’ll see how the market reacts. Grains are all lower this morning, led by a sharp drop in Soybeans overnight. I think many market watchers were expecting Trump’s conversation with Xi last Friday to result in huge Ag sale announcements. I don’t share that optimism, as China has spent a lot of time and money trying to bolster their South American supply chain over the past few years. The chart is pointing Nov Beans to 10.00 or lower, in my opinion, perhaps revisiting the bottom of the trading range they Beans have had for the past year or so.
My charts indicate new trade signals in Live Cattle, Feeder Cattle, Soybeans, Soybean Oil, Coffee and Copper this morning.