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 …
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Monday Ag comment
Soybeans and corn- No good comment, 9.72 as we drift around into harvest. SX 9.84 and 9.89.25 if looking for sell levels. May beans hit TL resist at today’s highs. This is long term off the tops. Corn is perpetually at 3.49-ish. Rumblings on Brazil weather but I do not know if true. Bean oil- OLB 32.32 hit and …
Weekly Gold Report
Gold and Silver finished the week mixed as December gold settled 1274.9 down $9.90, while December silver settled at 16.79 up 11.5 cents for the week. Gold slid to two-month lows on Friday before bouncing back to post modest gains for the day. An upbeat reading of the U.S. unemployment rate and wage growth last month supported expectations for a further …
Ag Commentary
The soy complex posting another day of modest gains. The bull case is for the support to continue due to the weather uncertainties in south America. The weather does remain a bit problematic in the short term. There remains time for the weather pattern to shift to the positive for beans. It is still to early. Some facts to consider …
Fourth and Goal: December Live cattle
December Live Cattle Currently I contend that the lows seen on September 22nd marked a fourth wave extreme of an five wave rally which commence at roughly 106.500. If this were the case then a we are witnessing a final fifth wave advance of the sequence which should attack and more than likely extend through the highs of …
Livestock Levels
Live Cattle The December Live Cattle contract found support on a test of the 8 DMA (114.775) making the low at 114.65 on Thursday, October 5. 2017. It grinded higher from the low and made the session high at the end of the trading session, reaching 116.325, just below the 116.55 resistance level. It ended up above the 200 DMA …
Ag Commentary
The soy complex led by beans and meal moved higher today. Concerns over the south American weather, and some disbelief regarding US yields helped underpin. This remains a bizzare year. The market wants to second guess the usda numbers even though the field reports confirm the overall accuracy. The thought is that if the govt is off by 1.5 bu …