I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Both Live Cattle and Feeder Cattle have rolled over to the “sell side” on my charts. The uptrends are still intact, but short-term indicators are weakening. Seasonally, Cattle prices tend to rally this time of year so if the markets do drop, I wouldn’t expect it to be a long-term selloff. Crop Progress and Conditions report came out yesterday after the Grain close. Planting progress and emergence in Corn and Soybeans are both well ahead of the 5 year pace. Wheat conditions dropped by 2%, recent rains may help those ratings as we move forward, unless too much damage has already been done to the Winter Wheat crops. My charts are flipping to the “buy side” in Corn and Wheat (Chi and KC) this morning, we’ll have to see if those moves can stick throughout the week. It is “Turnaround Tuesday, after all.