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My apologies, no live stream this morning, I had morning commute problems today. Live Cattle closed higher on Thursday, potentially signaling a bullish breakout, much like Feeder Cattle did earlier in the week. Feeders closed sharply higher, extending to new contract highs. Feeders are currently up 18.625 on the week, posting the largest weekly gain for the November contract. That could result in some profit taking and weakness on a Friday, but the market trends are very strong. Lean Hogs broke all of the support levels yesterday and look like they’re headed toward the August lows near 81.000. Grains are all in the red today, adding to yesterday’s weakness. Corn faded away from 100 day resistance, while Soybeans failed to stay above the 50, 100 and 200 resistance levels. It appears that the trade issues with China are accelerating ahead of next month’s potential meeting between Trump and Xi. It also doesn’t help the bullish case that harvest is progressing well and seems to be posting good yields. There are concerns about a lack of grain storage and basis seems to be dropping in many areas.
My charts indicate new trade signals in Coffee and Natural Gas futures this morning.