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December Live Cattle manage to close above the 100-day moving average of support on Friday, but that was the only contract that manage to do that, with the rest of the Live and Feeder contracts settling below that critical support. Fundamentals are still bullish, in my opinion, but Cattle futures will need to make a bullish move soon to combat the recent bearish technicals and bearish turning sentiment. Lean Hogs got a small profit taking bounce off the the 200-day average on Friday, but still look like they want to head lower. China is rumored to be exploring US Wheat purchases, which has the Chicago and KC markets trading above their respective 100-day averages and working on a bullish breakout. Soybeans posted strong gains on Friday and extended the move overnight. China bought 20 cargoes of Brazilian Soybeans over the weekend, as their prices are lower than the US, currently. Corn maintains strength, although it lagging Wheat and Soy today. Soymeal closed higher for 14 days in a row, while Bean Oil has broken to mid June lows.
My charts indicate new trade signals in Silver and Russell 200 futures this morning.