Live Cattle On Friday May 11th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). The Thursday new high (108.10) did little to help cattle break away from the consolidation band. It opened (107.85) below the Thursday high and up ticked to the session high (108.05), also below …
Golden Shower : June Gold Futures
June Gold Futures When I observe the structural nature of the gold market over the last few months it appears more than a bit messy. I had originally thought that we were in the process of forming some kind of triangle however this all changed to me when we broke the inner low of 1303.3 established in late …
Grain Spreads
Profit taking amid liquidation was the end of the week theme in the grains as corn, wheat, and beans fell in tandem following yesterday’s Supply & Demand report from the USDA. Despite some bullish inputs for corn and beans regarding new crop ending stocks in beans and global ending stocks in corn, funds liquidated ignoring the data in my view, …
Livestock Report
Live Cattle On Thursday May 10th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). It started the day near the session low and support, opening at 105.475 and trading down to 104.975. The low is just above the 104.85 support level and buyers came in here and …
Wheat Thins: July KC Wheat
July KC Wheat The advance in the July KC Wheat contract stemming from the summer lows of 2016 seems to be unfolding in a complex manner. From an Elliott Wave standpoint I could label the sequence a few different ways. I am current leaning towards the more bearish alternative. Should the market close the week below the critical …
Triangle Ranch: June Live Cattle
June Live Cattle The cows opened slightly higher pressing up to overhead cross zone resistance at 107. Unable to fortify this level prices stumbled back to turn negative on the day. The market steadily gave up ground to post a low of 105.350 and closed just off the extreme at 105.600. There’s been a lot of back and …
Grain Spreads
Pre-report positioning has been the theme this week as funds unwind long positions in corn soybeans, and soy-meal. The same can be said in my view for wheat as funds long KC unwind while they re-short the Chicago contract. As of May 1st funds were long 177 K of beans and 133 K of meal. As these funds have some …
Livestock Report
Live Cattle On Wednesday May 9th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). The Wednesday trade took place with a high of 107.10 and the low at 105.35. It settled near the low at 105.675. It started the day strong, trading above the Tuesday high (106.925), …
Livestock Report
Live Cattle On Tuesday May 8th, 2018, the June Live Cattle contract continued to consolidate between the April 30th high (107.825) and the May 1st low (103.825). The Tuesday trade took place with a low of 104.60 and the high at 106.925. It settled near the high at 106.30. The high was above resistance at106.025 and the low was just …
High on the Hog : August Lean Hogs
August Lean Hogs The lean hog market made an early low in today’s session before pressing higher to breach the 30 minute cloud high of 76.800. The contract extended through into the close to settle at 77.775. The recent low of roughly 72.500 established in the final day of last month appears to me to be a B …