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Live Cattle and Feeder Cattle futures both set new contract highs and new contract high closes. Live Cattle were leading the way, posting the strongest bar on the the charts, while Feeders posted a bit of an equilibrium open/close. Today is Tuesday, so be wary of “Turnaround Tuesday” type trade. Lean Hogs have traded both sides of the 100-day moving average for the past 3 sessions, and have a bearish tilt to the charts. Grains continue to sag lower, Wheat sets new contract lows almost every day, it seems. Seasonally, they all tend to rally this time of year, with Soymeal and Bean Oil usually leading, but we’re not seeing that so far this year. Stock Indexes have all turned lower over the past few days and the 50-day moving averages may be key support in those markets. Metal markets have been zooming, with Silver leading Gold higher, both hitting new record highs. There appears to be some profit taking in the GC and SI this morning.
My charts indicate new trade signals in Soybean and Coffee futures this morning.