Several markets live today and this past week. Soybeans after very near miss of 9.07 buy support we hit 932 resist of last few bull markets hidden trendline. If you bought break new low stop under 9.05 is my take. Meal and bean oil have both hit support by ticks. This very well could be the momentum driven oilshare which …
Soybean Complex: Nothing to See Hear
Soybeans Tight 9 cent range in the July soybeans to kick off the week. High of the day just misses resistance level previously mentioned in last weeks post at 928.2 to 929. Because of time element price action puts current close right on down sloping channel line. Structure still appears corrective in nature and should be followed by an …
Currency comment 6/5
Over the last two weeks the U.S. dollar has weakened marginally. Foreign currencies have strengthened moderately. Gold has firmed on the softer dollar. U.S. stock indices remain in record high territory. The U.S. monthly employment report last Friday showed weaker than expected growth. This weak report has many traders confused as to what the Federal Reserve will do with interest rates …
Livestock Report
Live Cattle The August Live Cattle continued its trek higher on Monday, June 5, 2017, making a new high (127.15) for the move and testing resistance at the 127.45 level. Anticipation of higher cash prices this week is the driving force of the futures trade. Last week’s unexpected bidding war for fed cattle (prices traded from $131.00 up to $137.50 …
Soybean Complex: End of Week Summary
Soybeans July soybeans are putting up a fight at previously defined cross zone support. A noble attempt indeed. However, the structure of this redound appears non-impulsive and corrective in nature. This would lead me to believe that it is unsustainable. First line of contention comes in at 928.2 to 929.0. A convergence of a channel line, fib retracement and 4th …
Ag Commentary
The summer market has begun. Volatility will be a part of the equation as mentioned before. The rally today was sparked by concerns over a modest amount of heat in certain parts of the country. Also the Dakotas need some moisture. Overall a fairly normal start of the bean planting window.The corn acres are a question and additional bean acres …
Soybean Complex: An Eye on Technicals 6/1/2017
Soybeans July soybeans struggle to gain any footing after fighting off the 910-900 cross support zone. An unimpressive and sloppy rebound runs outta steam at 920.6. I interpret this failed advance as a fourth wave correction of a lower degree. This would in turn foreshadow a violation of recent lows targeting 902.o to 898.0. This extension …
Livestock Report
Live Cattle The August Live Cattle opened (121.975) higher on Thursday, June 1, 2017, and proceeded to trade past resistance levels on its way to a limit up move in the futures contract. Spurred by aggressive cash bids early in the trading session, the futures market took out resistance at the 122.775 level and then the 21 DMA (123.625) fell. …
Livestock Report
Live Cattle The August Live Cattle gap opened (120.35) higher on Wednesday, May 31, 2017, reversed lower and closed the gap (yesterday’s high 120.10) trading to the low for the day at 119.875, then rallied the rest of the day. It reached the high at the end of the trading session, trading up to 121.90. The fedcattleechange auction, which is …
Soybean Complex Early Week Action (a closer look)
Soybeans Now that July soybeans has reached the first support zone, as discussed in earlier posts. It is prudent to examine the smaller time frames to look for clues to the upcoming price action. There appears to be a potential forth wave triangle developing (subset wave). A failure to breach 919.2 would result in another wave lower to complete …