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Cattle futures traded mixed on Wednesday, with Live Cattle gaining a little and Feeders losing a little. Live Cattle have posted 9 consecutive days of gains, but the potential double top or tweezer formed over the past two sessions may be a sign of potential weakness or profit taking ahead. Grain markets haven’t had much of a direction this week, with Soybeans and Corn gaining 3-4 cents on the week. Harvest is still progressing well. While Corn has had decent demand recently, Soybeans need some help and a bullish story. I believe that US prices are competitive or lower that other countries that have export capabilities. China typically accounts for 1/2 of our Soy exports, roughly, and they’ve been conspicuously absent. Metals continue their bullish streak, with both Gold and Silver futures posting new contract highs. Stock Indexes are firm this morning, as of this moment.
My charts indicate a new trade signal in Russell 2000 futures this morning.