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Cattle markets traded higher to start the week, with both Live Cattle and Feeders closing back up above the 100-day average. These markets seem very tentative to my eye right now. The recent, multiple, limit down days have taken a toll on the bulls out there. While fundamentals are still bullish, producers should still have downside protection in the form of Put Options. Lean Hogs posted a bearish engulfment yesterday and closed under the 200-day moving average, setting up a bearish tone for the week. Grains also started the week on a bullish note, with Soybeans leading the way and closing at their highest level since July of 2024. Turnaround Tuesday seems to be getting an early start today, as only the Wheat market is maintaining any strength this morning. Soymeal ended it’s streak at 14 days of consecutive gains with a large trading range and a lower close on Monday. Soybean price volatility has increased, but I think that dips should be bought in Beans, Corn and Wheat, at the present time. Stock Indexes are turning lower this morning following some aggressive selling pressure from the overseas markets.
My charts indicate new trade signals in Cocoa, Copper and Natural Gas futures this morning.