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Livestock trade was lower on Thursday, with Live Cattle, Feeder Cattle and Lean Hogs all dropping. Feeders gapped lower and closed the weakest. All three are very close to key support but the short-term moving averages have turned bearish. Grains are trying to turn higher as we finish the week. Both Corn and Soybeans are just a little shy of 100-day moving average resistance. Soymeal and Bean Oil have turned their short-term trends mildly bullish, as well. Harvest is progressing well, but there may be a lack of storage space and that may cause price pressure in the form of farmer selling. Wheat has made a small bounce higher, but the long term trend there is still bearish and needs much more help to turn higher.
My charts indicate new trades signals in Feeder Cattle, Lean Hogs, Soybeans, Soymeal, Bean Oil, 10-Year Notes and Russell 2000 futures this morning.