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Cattle markets closed lower again on Tuesday, with Feeder Cattle leading the way on about 3x the normal daily volume. Live Cattle didn’t move nearly as dramatically, but faded lower as well. The Senate passed a resolution yesterday to remove the tariffs on Brazil. This has many folks talking today, but I think the resolution is toothless and symbolic, as I have the understanding that those tariffs can’t be adjusted until March. Grains added to the recent rally yesterday, with Dec Corn filling a chart gap from July and Jan Soybeans trading above 11.00. The markets were unable to hold the highs and did close well off of them, leaving potential reversal candles in Corn and Beans. China has purchased 2-3 cargoes of US Soybeans, ahead of the meeting between Trump and Xi. Stock Indexes are trading higher today, Gold and Silver are, as well. The Fed will make an interest rate announcement, an expected 1/4 point cut, at 1 PM CT today.
My charts indicate new trade signals in Coffee and Treasury Bonds this morning.