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Live Cattle closed just off support on Friday, in the form of the 50-day moving average (233.634) but are on the lower end of their range for the past 2 months or so. November Feeders closed in the middle of the 2 month range, to my eye. Neither are offering much of a direction, at the moment. Lean Hogs bounced higher on Friday, continuing the bullish trade off of the 50-day moving average. The daily short-term averages have turned to bearish configuration and the weekly chart posted a bearish engulfment in December Lean Hogs. Grains are relatively quiet this morning. No USDA reports like Commitment of Traders, Crop Progress or the WASDE this week has traders focusing on the charts. Both Corn and Soybeans will endure some harvest pressure over the next couple of weeks, but will likely test the overhead resistance. Seasonally, Corn, Beans, Bean Oil, Soymeal and Wheat do tend to rally this time of year.
My charts indicate new trade signals in Soymeal and T-Bonds this morning.