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Feeder Cattle closed the expanded limit down on Monday, settling 13.750 lower in every contract month except the nearby October. Live Cattle closed up off of the limit, but still posted steep declines on the day. Both of those markets have broken through the 100-day moving average. The weekly Live Cattle chart is turning over to the bearish side, with the 5- and 10-week averages making a bearish crossover. There’s still 4 trading days left in the week to negate or erase that signal, but this isn’t a bullish start. I would expect further price weakness, unless the long-term averages hold. Grains have been rallying, with Soybeans breaking out to over 1 year highs, on optimism that a beneficial trade deal to be made with China. The Jan Bean are closing in on 11.00 and all of the remaining 2026 contracts are at or above that level. Soymeal is a strong leader, heading higher. Corn may have filled in the overhead price gap, depending on how you look at it. Wheat futures have also turned higher, with Chicago contract hitting 1 month highs.
My charts indicate a new trade signal in 10-Year Treasury Note futures this morning.