I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle and Feeder Cattle both closed lower on Wednesday. To my eye, the fundamentals are still bullish in cattle and dips in price are offering buying opportunities. Lean Hogs dropped somewhat aggressively yesterday, as traders took profits following Tuesday’s new contract high/close. Hog and Pig Report comes out today after the close and Cold Storage data will be released tomorrow, both reports post at 2 PM CT. Grain markets were all higher in the overnight session. Corn seems like it has the better trend, to me anyway, but the Wheat markets are trying reverse and head higher. They haven’t quite turned bullish yet, but the Wheat charts seem “less bearish” to me. China has bought some 30-35 cargoes of Argentinian Soybeans this week. I have no confidence that they will have the physical space or the financial resources to make any significant US purchases this year, should the trade deals be figured out.
My charts indicate new trade signals in Lean Hogs and Copper this morning.