I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Cattle markets remain strong and accelerated higher following the USDA’s crop report yesterday. Both Live and Feeder Cattle closed as if they have their sight set on new contract highs. Lean Hogs are trying to rally, perhaps in sympathy with the Cattle, bust have been unable to close above the 50-day moving average so far this week. The WASDE and Crop Production estimates from the USDA moved the Grain markets a bit yesterday. Corn traders were surprised by a huge production increase, from 15.7 to 16.7 billion bushels and an average yield of 188.8 bu/acre. That pushed the Dec contract to close at a new contract low of 3.94 1/2. Sometimes “big crops get bigger” and if that’s the case, 3.50 becomes a target now. Soybeans got a bullish push from a 2.5 million acre drop in planted acreage and a new crop ending stock number at 290 million bushels. Beans jumped 21 cents yesterday and are higher again this morning. Producers may do well to add hedges near the February insurance number near 10.52. The data for Wheat was perhaps a bit neutral, but dropped to trendline support, I think in sympathy with the Corn.
My charts indicate new trade signals in Coffee, Cotton, Copper, Platinum, T-Bonds, 10 Year Notes and Dow Futures this morning.