Crude Oil Hits $70 for the first time since 2014 The recent run up in crude oil continued on Monday , with crude oil futures nudging above $70.00 for the first time in 3 1/2 years. June crude put in a high of $70.84 before falling under $70 a barrel later in the session. The supply story appears to continue …
Livestock Report
Live Cattle On Tuesday May 1st, 2018, the June Live Cattle contract broke down below support at 104.20, trading to the session low at 103.825. With the 21 DMA also providing support at 104.025, and trendline support at 104.325, the spike down was bought and price rallied the rest of the session. It rallied past the early high and stopped …
Grain Spreads
The grain rally keeps on chugging led by soy meal, wheat, and corn. In meal as I have noted previously saw Argentina make its third soybean purchase in as many weeks. Lower production from the world’s number one bean crusher has been met with Argentina buying US beans for the first time in twenty years in the last 30 days. …
Yield Sign: US 30yr Treasury Futures
US 30yr Treasury Futures Yield signs are used to assign right of way and instruct drivers when they need to stop and slow down. I believe this clearly describes the way the longs yielded the right of way to the dominant short players when the 30 year contract approached the critical 144 level in early week trading …
Live Cattle
Live Cattle On Friday April 27, 2018, the June Live Cattle contract started slowly, opening at 104.60, trading down to test support at 104.20 (104.20 session low), then grinding higher to 105.20 by noon central time and pulling back to 104.80, a sleepy Friday trading session. Then bang! Someone fired a shot and cattle stampeded up to a new high …
Grain Spreads
Soy Complex Soy meal has led the complex higher at the expense of bean oil as beans and meal reversed off of weekly support levels to surge higher into the weekend. The rally or pivot higher from the mid-week lows comes on two fronts in my view. First, Argentina who is the worlds largest crusher of beans has made their …
John and the Beanstalk : July Soybean Futures
July Soybean Futures This is no English Fairy tale that I’m referring to but rather a description of my recently published opinions concerning the upcoming price path of the soybean futures. Earlier I had posted comments calling for a hard bounce off the next low. I had targeted that level to be roughly 1040. The futures, however , …
Bail Bonds: US 30 Year Bond Futures
US 30 Year Bond Futures The bond market spurted up in today’s activity finishing just off the highs at 142.16 after turning moderately lower in overnight action. It appears to me that the futures established a subset 5th wave low marking an intermediate wave 3 extreme. In my opinion we are now in a minor corrective pattern of …
Cocoa, LC FC, can’t put em away.
Good Morning Last week while putting ear to the rail I conveyed option trader buzz about VIX up 2% in that blip in Dow to about steady on the year. Is this what mkt prelude meant? Last time KC under $5..00? Maybe. Buy any break against support levels if not on board in my opinion, all opinions in here. …
Livestock Report
Live Cattle On Wednesday April 25, 2018, the June Live Cattle contract tested support at the 104.85 level, making the low at 104.625. It grinded higher from the low, trading up to 105.80 and then tested support again, trading down to 104.825 before trading back to the high at the end of the session. It settled at 105.575 and ended …