Live and Feeder Cattle futures closed lower on Monday, but at/near the top of their respective daily ranges. That appears to be a bullish close to my eye. October Lean Hogs closed right under trendline and the 50-day moving average resistance levels, short-term moving averages flipped to the bullish side and that points toward higher prices. Corn and Soybeans traded lower on Monday. Corn seems to be losing some bullish momentum, but Soybeans are higher this morning. I’m of the opinion that rallies need to be sold by Grain and Soy producers, as the crops are expected to be large. Chicago Wheat has slowed the bearish momentum, but KC made new contract lows overnight. The only sub-standard report from the crop progress/conditions report yesterday afternoon was Spring Wheat, with 49% of the crop in good/excellent conditions, down from the 10-years average of 60%.
My charts indicate new trade signals in Lean Hogs, Soymeal and 30-Year Treasury Bond futures this morning.