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Cattle prices made a strong recovery on Tuesday, with December Live Cattle holding 50-day support and Feeder jumping 5.475 in the November contract. I think that may have put the bulls back in control of these markets. Lean Hogs sagged under profit taking pressure. If they don’t reverse higher today, I would expect a test of of the June highs, near 87.50 for December futures. Grains all dropped yesterday, following the Quarterly Grin Stocks report and are trending lower again this morning. Wheat is pushing to new contract lows today, Soybeans are under $10.00 and Corn has broken below the 50-day moving average.
My charts indicate new trade signals in Live Cattle and Treasury Bond futures this morning.