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Livestock markets traded mostly lower on Wednesday, with November Feeder Cattle the only contract in the green. Live Cattle and the rest of the Feeder contracts seem to be tentatively backing and filling, following Monday’s huge bullish engulfment. There is short-term moving average support on my cattle charts that is relatively close. The sentiment may be changing back to bullish in Cattle trade, but I wouldn’t expect it to rally as fast as it has fallen over the past month. Lean Hogs failed away from the 200-day moving average with a bearish day yesterday. If nearby support can’t hold, I would expect a re-visit of recent lows. Soybeans are breaking out to the upside this morning, jumping to the highest prices since June of 2024. Technically, Corn, Soybeans Soymeal and Bean Oil all appear to be bullish to me, but tomorrow’s WASDE will need to confirm. Corn hasn’t really broken out yet, but has been maintaining these prices and consolidating. Dec Corn is flirting with the 200-day moving average (long-term resistance) today and a bullish WASDE should help propel prices through that. Wheat is trying to rally, but can’t yet get away from the 100-day average and turn around the long term downtrend. Calendar spreads in the Grain/Soy have turn bullish to my eye. The US Govt has reopened and Export Sales were released this morning, but only had limited data for the week of 9/25. They’ve got some catching up to do.
My charts indicate new trade signals in Corn, Soymeal and E-Mini S&P futures this morning.