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Cattle futures traded higher yesterday, led by a 3.450 gain in November Feeder Cattle. Feeders settled at a new contract high close, breaking trendline resistance to the upside. My short-term moving averages turned to the bullish side in Live Cattle with yesterday’s trade. Soybeans and Soybean Oil have been trending higher all week, perhaps the bullish seasonal patterns are kicking in. Corn hasn’t had much of a direction , so far this week, but my short-term averages also turned bullish in the December contract today. There is a little resistance in both Corn and Soybeans near their respective 100-day moving averages. Wheat settled a new contract low and needs a bullish story in a big way. This downtrend in Wheat is weighing on the rest of the grains, in my opinion. Metal markets continue to rally aggressively, with both Gold and Silver futures setting new contract highs, almost on a daily basis between the two markets. Copper is trending higher, as well.
My charts indicate new trade signals in Live Cattle, Corn and US Dollar Index futures this morning.