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Cattle futures closed higher on Tuesday, with uncertainly lingering over Trump’s plan to lower beef prices. Allegedly, there will be an announcement from the White House today. Cattle producers may do well to consider Put Options, in case this announcement is bearish. Downside risk and market sentiment is the largest factor, in my opinion. We still have less cattle and more people to feed, and I’m of the opinion that no plan from the US Govt is going to “fix” that. Grains are fairly quiet, but Soybeans have had some strength with 3 consecutive days (including today, so far) with trade above the 50-day moving average. Gold and Silver posted HUGE down days yesterday, mostly on margin liquidation from recent longs and some profit taking. At the moment, I’m still bullish these markets and think that they are just “going on sale” with some patient traders still waiting to buy in. Volatility is very high in those 2 markets right now.
My charts indicate new trade signals in Cotton, Cocoa and Natural Gas futures this morning.