I post these videos here every trading day, shortly after 8 AM CT. Check back here tomorrow for another update! Better yet, join my YouTube Live Stream every morning at 7:45 AM CT! Search for @JeffersonFosseWalshTrading on YouTube to find my channel and subscribe (it’s free) for notifications.
Livestock markets all closed higher on Friday and short-term moving averages in all three of those markets made bullish crossovers. Livestock have been trending for the better part of a month and these are the first technical signs that I’ve had, showing that perhaps the bearish momentum is running out of steam. Grains all had bearish reactions to the USDA’s delayed WASDE data release on Friday. No significant changes were made to the size of the Corn and Soybean crops, in my opinion, and that sets the December or (likely) January reports up for a correction. Wheat markets traded lower on increased world and US carryout numbers. All of the Grain/Soy markets are trading higher this morning. As “bearish” as the crop data may have seemed, if it was really bearish, to my thinking, the markets would have failed in a bit more dramatic fashion and they didn’t do that.
My charts indicate new trade signals in Live Cattle, Feeder Cattle and Lean Hog futures this morning.