May Soybeans Earlier this year I posted bullish reports on the bean market. my first upside came in at +/-1070. The front month contract topped out last week at 1071 while the May peaked at 1082.4. Both contracts hit sloping channel projections and reached slightly above the pitchfork line. These convergence zones are the levels that I look …
Livestock Report
Live Cattle The April Live Cattle contract opened at 122.125 on Friday, March 9, 2018, then broke down and traded to the low of the day at 121.125. This is right near support at 121.325 and Thursday’s low (120.90). It rallied from here and traded past the Thursday high (123.30), reaching 123.525 and ended the day at 123.25. It is …
Grain Spreads
Soy Complex After a muted reaction following yesterdays WASDE report, beans and meal finally broke. Two takeaways in the soy complex in the near and long-term. The USDA put ending stocks at 555 million bushels. This sis the second highest total ever and just missed the all time high of 579 in the 2008-09 crop year. Secondly, weather in Argentina …
Livestock Report
Live Cattle The April Live Cattle contract traded in a tight range on Wednesday, March 7, 2018, forming a Doji Candlestick and is within the Tuesday range. The high was 123.675, the low 122.60 and it ended at 123.125. It is right at the 8 (123.30) and 50 (123.10) DMAs. It is also ended right on the key level at …
Grain Spreads
Corn/Wheat Last week saw major rallies in all wheat classes led by the Kansas City Hard Red winter contract. No surprise there as drought like conditions continues to plague the western wheat belt. Good to excellent conditions came in as follows from Mondays report. Kansas came in at 13 percent. Oklahoma came in at 6 percent. Texas showed some improvement …
Paving the Cowpath: April Live Cattle
April Live Cattle The cattle market from a charting perspective can be quite tricky. One who attempts to apply technical analysis must contend with the price gaps that occur in using the nearest contract (continuation) price charts which most likely represent the cash market. Currently it is my that believe that a weekly close below 126 won’t …
Grain Spreads
What a difference a week makes! I was out of the office last week due to my sons birth. Everybody is doing well at home and for those who have followed our advice in long old crop/short new crop soy and meal spreads have benefited and are also doing well. In the Soy complex the July 18/Nov 18 bean spread …
Corn Maze: May Corn Futures
May Corn Futures In the fall of 2017 I posted several bullish articles regarding corn futures and I have to say it took longer than I thought to get this most recent advance going. However, we have recently reached slightly higher than the first objective of 380. The volatility market did as expected bottom out early this year …
Live Cattle
Live Cattle The April Live Cattle contract tested the rising 100 DMA (122.10) on Monday, March 5, 2018, as t matched it, making the low of the day at 122.10 during the first 5 minutes of the session. It grinded higher the rest of the day, making the high at 123.675 and it ended the session at 123.20. The high …
The Five little Pigs: April Lean Hogs
April Lean hogs The Elliot wave theory claims trends begin and end in five wave. In the April Lean Hog daily price chart is appears that there is a five way pattern stemming from the highs of roughly 77.50 of early January. The apparent final wave of the sequence from last pullback to +/-72 also shows a five …