I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle closed unchanged to slightly higher on Friday, as the market tested and bounced off of 50-day moving average support. Feeder Cattle posted a strong day up, but that may have been profit taking on a Friday, following 2 strong down days last week. Boxed Beef prices continued to decline last week. Lean Hogs rallied to a new contract high and contract high close following Thursday’s Hog and Pig Report. Friday’s Cold Storage data appears bullish, in my opinion, and should further support prices. Grain markets are waiting for tomorrow’s Quarterly Grain Stock report, at 11 AM CT. Corn is sliding lower this morning, Soybeans appear to be working themselves into a technical price corner (lower highs, higher lows for most of last week, indicate a breakout is coming) and Wheat continues to grind along at low prices. I wouldn’t expect the Grain/Soy groups to move much before the report.
My charts indicate potential new trade signals in KC/Chi Wheat spread, Sugar, Russell 2000 and RBOB (Unleaded Gas) futures this morning. With the possible exception of Sugar, the rest of my potential signals may be whipsaw signals today. I would suggest using Buy or Sell Stop orders, as appropriate, for those new signals, should you choose to follow them.