I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
New contracts highs and closes in Live and Feeder Cattle. Very strong rallies this week may spur some Friday profit taking, but the trend and fundamental remain bullish in my estimation. Perhaps consider buying on dips in price. Lean Hogs closed lower on Thursday. It seems as if last week’s bearish turn on the weekly chart has the sell side in control. Corn, Soybeans and Wheat were all higher yesterday. Corn and Wheat have hit significant support areas and held, which has induced some profit taking. Soybeans and Soymeal were higher, Bean Oil lower. I think the strength in Corn, Beans and Wheat is due, in large part, to position squaring before next Tuesday’s WASDE report. Soymeal and Bean Oil are heading in opposite directions as traders unwind spreads. Weather forecasts seem to show a continuation of good crop growing conditions, which should help yields.
My charts show new trade signals in Coffee, Silver, US Dollar Index and NASDAQ futures this morning.