Gold and silver futures are retreating in aftermarket trading on Monday after posting three week highs at the end of last week. Geo-political tensions were cited as one of the reasons for both silver an gold to trade up and through their 50 , 100, and 200 day moving averages on Friday October 13th. Gold settled on Friday at 1304.6, …
Rejón de Muerte ?: December Live Cattle
December Live Cattle Rejon de Muerto translates into the ” lance of death” and refers to the sword used by the Matador to kill the bull. This swift and violent act has not yet transpired in the live cattle market but the blade has been drawn as the market approaches the wave high of 116.325. Once again the …
Ag Commentary
The markets rallied again today based on concerns over dryness in central and northern Brazil. The forecast has some chance for improvement. This however remains to be seen. So we have built in some risk premium early. justifiable ? Remains to be seen . Looking forward the US carryover at 430 million bu is probably understated by 70 – 90 …
Livestock Report
Live Cattle The December Live Cattle contract failed again at the 119.15 resistance level on Thursday, October 12, 2017. It made a weak attempt at mid-session to test this level, making the day’s high at 119.00. It broke down from here and traded down to support at the 8 DMA (116.875) and 116.55, making the low in between these levels …
Ag Commentary
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 …