I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Live Cattle and Feeder Cattle both closed lower on Friday. The uptrends seem to be losing bullish momentum, as trading volume dropped off in those markets last week. Feeder Cattle positions are at record net longs, according to the Commitment of Trader data. Traders are looking forward to Friday’s, Cattle on Feed, Cold Storage and Cattle Inventory reports. Lean Hogs closed up just a tick on Friday, perhaps on profit taking, as that market had rallied sharply from last Tuesday’s lows. Grains all rallied on Friday in anticipation of hot and potentially damaging weather. The overnight trade today was weaker, as the forecast seems to have moderated a bit. Wheat futures may be trying to build a “harvest low” base. My charts have a new signal in Soymeal this morning.