I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Cattle markets lead the way higher again yesterday, with new contract highs and new high closes in almost every contract. The Live Cattle are up 5.97 for the week and Feeders are up 10.30 so far this week. Very strong moves and I don’t expect the bullish trend to stop just yet. Those large weekly moves may spur some profit taking and if that occurs, that may offer a buying opportunity. (see last’s week’s trade activity) Lean Hogs posted higher highs and higher lows, but closed a little lower, just above the 50-day moving average. I think that support level should hold. Corn ripped below $4.00 yesterday, but couldn’t close under that level. I think that signals a short term bullish reversal. Export Sales for new crop Corn were good, as announced by the USDA this morning. The Wheat market seems to have also turned bullish, in the short-term, following a test of trendline support. Soybeans are up 4 1/2 cents this morning, in sympathy with Corn and Wheat. Soymeal is also up and may move higher as traders unwind Soymeal/Bean Oil spreads. Look for support in Bean Oil near 52.72, but the 51.19 mark is the likely price target because of the gap from June.