I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Both Live Cattle and Feeder Cattle markets posted lower highs and lower lows yesterday. The trends are still up, but keep a close eye on the respective 50-day moving averages as support. Fat Cattle closed below the 5 and 10 day averages, which is not usually friendly to prices, but Feeders are still holding above short-term support. The Hog and Pig report data was bullish, in my opinion, and Hogs should resume their uptrend. I would expect new contract highs. Corn futures remain stuck to the 100-day average and have been that way for about 2 weeks now. This market has the most “bullish” trend, currently, in the Grains to my eye. Soybeans have been sideways all week and they need a bullish story. Huge sales by the Argentinians to the Chinese this week is not helpful or bullish. Expect good progress in harvest numbers for Corn and Soybeans this weekend. Soymeal posted a new contract low yesterday on high trading volume. Wheat is consolidating, perhaps, and I think it’s trying to find a rally. The Silver market has been on fire this year, with a very strong upward rally.
My charts indicate a new trade signal in KC/Chi Wheat Spread today.