The Usda report today was eagerly awaited. There were a couple of surprises. The govt decided to reassess last years stocks, which was already known. And the Brazilian crop. The domestic and global carryover in beans was reduced. Interesting the rally. Now, looking forward some thoughts to consider. The carryovers while reduced, are still some of the largest registered in …
OK Corral: December Live Cattle
December Live Cattle The Gunfight at the O.K. Corral was a 30-second shootout between lawmen and members of a loosely organized group of outlaws. Well an equally brief battle between the bulls and the bears played out in the live cattle market when the selloff approached the 1st wave high of the structure at 116.325. Just past …
Daily Gold Report
Gold and silver markets today traded slightly lower for the session as the market awaited the 1 pm FOMC minutes announcement. December gold settled 1288.9 down $4.90 while silver settled at 17.13 down 3.5 cents. The minutes from the latest FOMC meeting saw members generally agreeing that a quarter point December interest rate hike is in the cards. There was not …
Livestock Levels
Live Cattle The December Live Cattle contract made a new high for the current up move on Tuesday, October 10, 2017, trading up to 119.10, just below the 119.15 resistance level. Trade was led by the October contract, which nearly went up limit; missing by .375. If the December contract fails to rise above the 119.15 resistance level, some consolidation …
Daily Gold Report
As noted on Friday’s report, gold and silver experienced an intraday reversal which most likely meant that both markets would experience follow through buying in the next few sessions. That is exactly what has occurred to start this week. December gold settled at 1293.8 and is currently up $18.90 for the week while silver settled up at 1720.5 and is …
The Fifth Dimension: December Live Cattle
December Live Cattle The cattle continued its climb today violating the 117.725 high which I had labeled as the 3rd wave extreme. Our assent from the 4th wave low of 112.900 has now reached the 1 x 1 projected measurement (wave 5 equal wave 1) when it rose to the upper 118’s (5.800 + 112.900) peaking at 119.100. Being in the …
Ag Commentary
The markets await the Thursday usda report. The soy complex continues to make modest gains. Today the market is being led by meal as a uptick in Chinese demand has placed a bid under the market. e south American weather is causing a bit of early concern this also is lending to the early buying. The long term prospects for …
Goal Line Stand?: December Live cattle
December Live Cattle In today’s price action we saw the market rise within reach of the previous 117.725 high that I have currently labeled as a wave 3 extreme. It is unclear to me where we are in the subset structure of the advance from the 112.900 low. I believe, as I have stated, that we are in …
Livestock Levels
Live Cattle The December Live Cattle contract made a new high for the current up move on Monday, October 9, 2017, trading up to 117.575, in quiet holiday trading. It couldn’t hold onto the high and broke down and tested the 116.55 support level, making the session low at 116.475. It formed a Doji candlestick as the market ended the …
Full US and South American Grain Weather Update from WxRisk.com
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