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Livestock markets closed on a very bearish tone yesterday, with Feeders leading the way with limit down closes in nearly all of the contracts. Live Cattle didn’t go limit, neither did Hogs, but all seem very heavy to my eye. Grains posted very strong gains yesterday, ahead of today’s WASDE. Traders are starved for fundamental information and this report may result in extended volatility. Or it may be a dud. We’ll find out at 11 AM CT. Many markets are deeply in the red this morning, Metals and Stock Indexes are the most notable, but that may offer selling pressure across other commodity markets and limit the effects of the Grain data, whatever it may say.
My charts indicate new signals in Sugar, Coffee and E-Mini S&P this morning.