I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Both Live and Feeder Cattle closed a touch lower on Monday. Live Cattle appear to be testing 50-day moving average support with a weaker tone on Monday. Feeders posted higher highs and higher lows, but were unable to sustain a positive close. While fundamentally bullish, perhaps these markets are running out of bullish technical momentum. If nearby support can’t hold in Live Cattle, further weakness is likely. Lean Hogs put up a bearish engulfment on the chart to start the week, indicating a potential test of support about 1.00 lower. Grains are all waiting for today’s Quarterly Grain Stock report. Estimates that I’ve seen are for Soybeans stocks to be 323 million bushels, Corn at 1.337 billion and Wheat at 2.043 billion. That will be released at 11 AM CT. Corn is trying to hold 4.19-ish support, Soybeans have worked themselves into a corner on the chart and Wheat seems to be casting about for a bottom.
My charts indicate new trade signals in Coffee, E-Mini S&P 500, NASDAQ 100, Dow Jones and Natural Gas this morning.