Live Cattle The February Live Cattle gap opened lower (119.00) on Monday, January 8, 2018. This is below the 119.15 support level and price continued lower, trading down to support at the 200 (117.075) and 100 (116.825) DMAs, making the session low at 116.775. It recovered somewhat from the moving averages and ended the day at 117.55. A recovery from …
Canned Beans: March Soybeans
March Soybeans It is difficult for me at this time to make any solid conclusions as to the bean market’s next move. The apparent structure of the market since the high’s seen in the early summer of 2016 is an absolute mess showing no signs of conviction. I will proceed to break down the technical landscape dealing …
Daily Gold Commentary January 8, 2018
Gold settled lower Monday with a rally in the dollar amid renewed expectations that the Federal Reserve will hike interest rates at their next meeting. Even though the jobs report released Friday was slightly disappointing, showing less than expected job growth, investors still believe the Fed will raise rates in March as the San Francisco Fed President Williams iterated over …
Grain lull, Crude over $61 sale?
Crude Oil- Did we just race up in price to this olive line sell level $61.00-ish? Are extremes in vertical price thrusting higher to produce my red diamonds? See chart. This is something if bearish to keep a close eye on. April CLJ is $61.00-ish +/_ 12c. We are over now, watch back under maybe. The olive line is my …
Dehorned: February Live Cattle
February Live Cattle The recent rebound in the live cattle market stemming from the low of 117.575 seen in early to mid December was exposed to be as unstable as it appeared. I will say that I thought price would be hard pressed to violate the inner low of 122.650 which I had previously identified as a potential …
Grain Spreads
There were no fireworks to speak of regarding the grain market to finish the first week of 2018 as a weaker than expected export sales soured any buying. Corn and wheat sales for future shipment came in both at marketing year lows at 101 K metric tons and 131 K respectively. While expectations were dampened due to it being a …
Gold Settles Positive in First Week of 2018
Gold settled slightly higher Friday finishing the first week of the new year positive, under pressure by positive economic developments but buoyed by manufacturing strength. The Labor Department released its payroll data reporting positive, although lower than expected, job creation with notable job growth on a percentage basis in logging and residential construction and reductions in coal mining and petroleum …
Livestock Levels
Live Cattle The February Live Cattle made a weak attempt to rally above the 123.125 resistance level on Thursday, January 4, 2018 trading to a nominal new high for the up move at 123.625. Once again it couldn’t stay above the 123.125 key level. After making several attempts to launch to the next resistance level, buyers gave up and price …
Strength in Metals
Gold settled higher Thursday in the third trading day of the new year continuing the momentum from earlier this week. The ADP December jobs reports was released today showing strong employment growth surpassing expectations and the highest levels seen since March. This led stock indices to sustain their charge forward, but was shrugged off by the gold market. Global construction …
“Baby it’s Cold Outside”: February Natural Gas
February Natural Gas Don’t read to much into the title of my article. It is not a statement about Mother Nature playing a role in the direction of the natural gas futures market rather I just thought it was catchy. When I spend time looking for directional clues in any market I focus solely on structure, location and …