I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update! **I’ve made some technical changes, hopefully resulting in better audio for you listeners/watchers. I’m working on a new product like this, in an effort to improve your video, but that will take a bit longer to implement. JF**
Nearly every physical commodity market on my screen was in the red yesterday. Live and Feeder Cattle closed lower and are working down toward the potential support near the respective 50-day moving averages. Lean Hogs closed lower as traders take profits since setting contract highs last Friday. Perhaps look for support near the June highs in the Dec contract in Hogs. Corn has been trading both sides of the 100-day moving average for 5 sessions now. Both Corn and Soybeans seem to have set a short-term resistance level with Tuesday and Wednesday highs. Soymeal seem to want to extend the downward trend and Bean Oil posted a large down day yesterday. Wheat futures posted higher highs and higher lows, indicating to me that the short-term trend may want to push higher still.
My charts indicate new trade signals in Soymeal, KC/CHI Wheat spread, Sugar, 10-Year Notes and Natural Gas futures this morning.