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Livestock markets started the week sharply higher, with Live Cattle and Feeder Cattle futures closing their respective limits up. Large bullish engulfment patterns in those markets suggest to me that the selling pressure has left the markets. Lean Hogs also rallied strong, closing at their highest level since October 21st, taking out weeks worth of price activity in one session. To my eye, these markets have turned the corner and appear to be headed back up. Grains were firmer to start the week, but may not move much until Friday’s WASDE and Crop Production estimates. The Soybeans and Soymeal are still “stuck” in last Thursday’s trading range. Bean Oil is the only market higher this morning in the Grain/Soy complex, and that market turned to the “Buy” side on my charts yesterday. Wheat seems like it’s going to fail to hold the recent gains and is currently postured to get weaker. I’d like to be wrong about that.
My charts indicate new trade signals in Soybean Oil, Cocoa and US Dollar Index futures this morning.