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Feeder Cattle led the way on Tuesday, posting a nice rally to new contract highs. Live Cattle futures did the same and this bullish streak extends to 8 consecutive days higher. Both are a bit overbought, but fundamentals seem to support higher prices. Less cattle and more people to feed. Grains have no momentum so far this week. Export inspections were supportive, but that’s about the only bullish story. Wheat did attempt a to post a Key Reversal in both Chicago and especially KC Wheat, but no bullish follow-through overnight. Gold and Silver futures continue their respective rallies, both setting new highs and posting higher lows. Silver did get knocked back a bit yesterday on profit taking, but is up again this morning. Stock Indexes have turned higher over the past few days, with the broad market leading and Russell 2000 hitting highs not seen since Thanksgiving, or so, last year.
My charts indicate new trade signals in Soybean Oil and Copper futures this morning.