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Live Cattle traded higher on Thursday, while Feeders continued to show weakness. Both of those markets are holding at potential support near their respective August highs. The plan put forth by the US Govt to “lower beef prices” may be very helpful in the long run, but to my eye, does nothing to increase current supply of cattle. Hogs dropped again and appear to be headed to the 200-day moving average. Corn, Beans and Wheat posted strong closes yesterday, with Corn and Beans settling at roughly 1 month highs. Wheat also closed sharply higher and is looking somewhat better from the bullish side. Traders and producers are optimistic that next week’s meeting between Trump and Xi in South Korea may yield bullish results. Stock Indexes are firmer today following a bullish CPI number earlier this morning. Crude, Unleaded Gas and Diesel markets have rallied sharply this week, on new sanctions on Russian Oil companies and China/India pulling back from oil cargoes of Russian origin.
This morning my charts indicate new trade signal in Soybean Oil and Gold futures.