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Broad weakness across the commodity markets on Thursday. Live Cattle and Feeder Cattle dropped again on strong volume, although not anywhere near a limit down close. I would expect further weakness in Cattle futures, although I wouldn’t be surprised by a profit taking bounce on a Friday. Lean Hogs broke lower, as well, trading below the 50% Fibonacci retracement. I think Hogs low lower still, but also wouldn’t be shocked if there’s a profit taking rally today. Grains were all lower on Thursday, too. Lack of direct and immediate confirmation that China is buying Wheat and Soybeans had traders reversing short term-directions. Corn, Soybeans and Soymeal all appear bullish to me and I would advocate for buying dips in those markets. I’m not yet 100% ready to say the same about Wheat, as KC and Chicago both are back below their respective 100-day moving averages. Stock Indexes are all trading lower this morning.
My charts indicate new trade signals in Cotton futures today.