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Cattle futures have expanded treading limits today, following the limit down close in Feeder Cattle on Friday. Live Cattle didn’t drop the limit, but were also weaker, losing 6.050 in the December contract. The drop was spurred by Thursday evening comments by Trump, suggesting that they have some plan to lower beef costs. The suggestion was scant on details, but that was enough to push prices down aggressively. Feeders left and overhead gap on the charts, which will likely get filled in, at some point. The Soybeans and their related products have all turned bullish in the short term. Seasonal strength, usually with Soymeal leading, and hope that a trade deal with China might/maybe/could be made are supporting the bulls right now. Keep an eye on the 50/100/200 day moving averages on the Soybean chart. Wheat has been trying to pull higher, or at least stopped going down, for the past few sessions. After large bearish reversals on Friday, or aggressive profit taking, Gold and Silver futures are trading higher this morning, with Gold leading the way. Stock Index futures are trading in the green this AM. Energy prices are mixed, Natural Gas futures gapped sharply higher with the overnight trade.
My charts indicate new trading signals in Corn, Soymeal, Soybean Oil KC Wheat and US Dollar Index futures this morning.