I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle and Feeder Cattle futures rallied into the close on Friday. After the close, the USDA released the July Cattle on Feed Report and the July Inventory report. Cattle on Feed shows a decline of 2% on the overall herd, with Placement down 8% and Marketings down 4%. The July 1 Inventory was at 94.2 million head which appears to be a record low. I think all of the data is bullish and point to higher Cattle and Beef prices. Lean Hogs may get some support from the Cold Storage data, showing Pork supplies down 6% month to month and down 11% year to year. Grains are all weaker, as weather remains the focus for now, There might be some bullish info hidden in the details of the recent trade agreements, but I haven’t seen it yet. Crude Oil, RBOB (Unleaded Gas) and Diesel prices are all higher tis morning. My charts indicate new trade signals in Soybeans, Soymeal and Platinum today.