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Live Cattle and Feeder Cattle both closed lower on Friday, with Feeders taking the larger losses. In the short-term, the bears seem to be in control of these markets, but the Long-term trend is still bullish, in my opinion. Lean Hogs posted new contract highs on Friday and the got hit by what may have been Friday profit taking. No damage was done to the charts, to my eye, and I expect Hogs to stay strong. Grains all had a bullish reaction to Friday’s WASDE data. Corn closed at the highest since July 3rd, posting double digit gains. Soybeans also gained more than a dime, making a bullish hook higher. Soymeal doesn’t have much momentum, at the moment, but Bean Oil has been up strong the past 4 sessions, today (so far) included. KC Wheat had a bullish reaction on Friday, while Chicago was up a little, as well.
My charts indicate new trade signals in Soybeans, KC Wheat, Sugar and Cocoa futures this morning.