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Cattle markets closed lower on Wednesday, with Feb Live Cattle hitting new lows for the move and testing the 200-day moving average for the 3rd time this month. Feeders were weak, as well, but didn’t set new lows for the month/move like the Fats did. Beef fundamentals remain bullish, but bearish sentiment seems to have take over these markets. Lean Hogs reversed higher mid-week, but haven’t changed the downtrend of the past month and a half. Grains were all lower on Wednesday, as well. March Corn closed at the lowest it has this month and did break short-term trendline support. Soybeans didn’t do any bearish damage to the charts, to my eye, but are in need of a pullback. Soymeal and Bean Oil were both lower, as news of the EPA postponing the new biodiesel requirements for another year or two. While not official yet, if confirmed, that would remove the bullish fundamentals in Bean Oil that saw the market jump aggressively in June. Wheat continues to trade both sides of the 100-day moving average and seems like it’s trying to rally. Bearish world production may keep a lid on Wheat prices, but if/when sentiment changes, the fundamentals may get tossed aside temporarily. Export Sales were released this morning, as of October 2nd. Don’t expect the USDA to get caught up until sometime in January. Overnight, China bought 132K MT of White Wheat and 462K MT of Soybeans.
My charts indicate new trade signals in Feeder Cattle, Corn, KC Wheat, Gold, Silver, Crude Oil and Natural Gas futures this morning.