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Live Cattle and Feeder Cattle dropped aggressively, with the Feeder markets closing limit down. Today they will have expanded trading limits of 10.750 for the Live Cattle and 13.750 for Feeders. They are both close to long-term support, in the form of the 50-day moving average, and that support level may be key. If you’d like to view the entire USDA plan, you can find it here: https://www.usda.gov/sites/default/files/documents/USDA%20Beef%20Industry%20Plan%20White%20Paper.pdf?utm_medium=email&utm_source=govdelivery (copy/paste into your browser because I can’t post external links here) Grains are relatively firm, as traders look forward to a potential meeting between Trump and Xi next week. Corn trade to roughly 1 month highs overnight and Soybeans are also near1 month highs. Soymeal closed above the 100-day moving average, breaking through a strong resistance level, in my opinion. Wheat hasn’t really turned higher yet, but at least it’s stopped going down for the past week or so.
My charts indicate new trade signals in Live Cattle, Feeder Cattle, Silver, Russell 2000, Crude Oil, Unleaded Gas (RBOB) and Heating Oil (Diesel) futures this morning.