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Livestock markets were mixed on Tuesday, with Live Cattle trading a bit lower while Feeder Cattle retained some strength. Both of those markets closed closer to the lows of the day that the highs. Lean Hogs were up strong on Tuesday, but the February contract closed just under the 200-day moving average. Grain traders are looking forward to Friday WASDE report. Corn posted gains yesterday, but is a tick or two lower in overnight trade. Soybeans and Soymeal seem to be losing some of their bullish momentum, as the trade seems a little disappointed in the volume of Chinese purchases. The sentiment seems to be that they don’t “need” US Soy, as they’ve met most of the needs with South American purchases. Wheat is failing away from the 100-day moving average. Again. Estimates for the USDA reports show a slight decline in Corn production, to 16.56 billion bushels, down from the Sept # of 16.81. Soybeans are expected to see a slight decline, as well, with average estimates at 4.27 billion bushels, down from September’s # of 4.30 and a slight reduction in average yield of 0.4 bushels. Estimates are also there for higher Corn and Bean production in South America. World ending stocks in Corn, Beans and Wheat are expected to post slight increases.
My charts indicate new trade signals in Soybeans, Soymeal, Wheat, KC Wheat, Copper, US Dollar Index, T-Bonds, 10-Year Notes and Dow Jones futures this morning.