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Live Cattle and Feeder Cattle posted bearish moves yesterday. Large Bearish Engulfment patterns can be seen now in both Feeders and Fats and those markets closed below the 100-day moving average. I don’t think that’s a positive sign, technically those markets still look weak. Cattle producers should be long Put options, to my eye. Hogs were lower, as well, but not nearly as far as Cattle. I would expect a test of the July lows from here. Grains were mixed on Tuesday, but Soybeans, Soymeal and Bean Oil are all higher this morning. Wheat stayed strong as traders await confirmation that China has or is purchasing US Wheat from the Pacific Northwest. Corn needs some bullish momentum, but hasn’t turned bearish. Grain producers should be buying calls to replace bushels that have been sold/delivered during harvest, in my opinion.
My charts indicate new trade signals in Coffee, E-Mini S&P, E-Mini NASDAQ, Dow Jones and Crude Oil this morning.