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Live Cattle and Feeder Cattle futures closed predominantly lower on Tuesday. Not a huge bearish push, to my eye, though. Cattle on Feed report due this Friday may keep Cattle trade a bit quiet this week. Lean Hogs broke lower yesterday, posting the lowest close since April 21st. The bearish breakout following Monday’s Doji in the February Lean Hogs may point to further weakness, still. Corn and Wheat posted mild gains on Tuesday, while Soybeans and Soymeal closed lower. Bean Oil was the bullish standout yesterday, but has run into 100-day moving average resistance. News of export sales to China failed to keep the Beans higher and yesterday’s spike high may be a sign of a retracement. Chicago Wheat is the lone market in the green on my screen this morning, with the rest of the Grain/Soy all lower. Short-term bullish trends remain in place and I still think dips in price should be bought.
My charts indicate new trade signals in Live Cattle, Copper, 10-Year Notes and Unleaded Gas (RBOB) futures this morning.