I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Livestock futures started the week firmer, with Live Cattle, Feeder Cattle and Lean Hogs all closing higher. October Live Cattle had a wide trading range, but settled roughly in the middle, not far from where it opened. Cattle futures historically and seasonally go lower in August, but the charts are still bullish. Lean Hogs appear willing to test the 50-day average, overhead near 91.500. Corn and Wheat continue to be weak, setting new lows yesterday and again overnight tonight. Crop conditions are good, Wheat harvest is on pace and the weather forecasts seem friendly to crop development and bearish for prices. Soybeans have turned higher the past couple of sessions, testing 10.00 resistance today. Soymeal is also higher, as the short-covering rally continues there. Bean Oil is the one with bullish fundamentals, but may be headed toward that lower gap near 51.19 (Dec) if Beans and Meal continue the strength. My charts indicate a new trade signal in Sugar this morning.