7/24/24
The Cattle Markets were mixed as the Hogs made new monthly highs. October‘24 Live Cattle was 15 cents higher today and settled at 186.27 ½. Today’s high was 186.60 and the 1-month high is 188.55. Today’s low was 185.25 and the 1-month low is 181.72 ½. Since 6/24 October’24 Live Cattle are 2.47 ½ higher or almost 1 ½%. The Feeders were lower today. August’24 Feeder Cattle were 1.62 ½ lower today and settled at 257.12 ½. Today’s high was 259.10 and the 1-month high is 263.90. Today’s low was 256.27 ½ and the 1-month low is 253.45. Since 6/24 August’24 Feeder Cattle are 1.77 ½ or more than ½%. The Hogs were higher again today. October’24 Lean Hogs were 90 cents higher today and settled at 78.02 ½. Today’s high was 78.07 ½ and that is also the new 1-month high. Today’s low was 76.20 and the 1-month and 52-week low is 68.05. Since 6/24 October‘24 Lean Hogs are 3.95 higher or almost 5 ½%. October’24 Live Cattle managed to stay positive today, but I don’t think that will continue for long. The 200-Day moving day average is 181.08, the 100-Day moving average is 181.58 ½, and the 50% retracement from the 52-week high/low number is 181.58. I believe it will start to break soon. The Feeders have been waiting for the Fats to break, and if they do, the feeders will drop rapidly. August’24 Feeder Cattle Closed below the 200-Day and 100-Day moving averages. Today’s low was just 6-cents above the 50% retracement from the 52-week high/low. I feel the Feeders will break significantly very shortly, 5%-10% from Current levels. The Hogs were strong again. October’24 Lean Hogs set a new 1-month high today and closed just 70 cents below the 50% retracement from the 52-week high/low of 78.72 ½. It looks like the October’24 Hogs are trying to climb toward the 200-Day moving average of 82.28.
It looked like the shorts stepped back into the Soybean Market again today. November’24 Soybeans were 11 ½ cents lower today and settled at 1064. Today’s high was 1080 ¼ and the 1-month high is 1133 ¾. Today’s low was 1062 ¾ and the 1-month and 52-week Low is 1031 ¾. Since 6/24 November’24 Soybeans were 66 ½ cents lower are almost 6%. The Corn stayed positive today. December’24 Corn was ¾ of a cent higher and settled at 418. Today’s high was 423 ¾ and the 1-month high is 453. Today’s low was 414 ½ and the 1-month and 52-week low is 403. Since 6/24 December’24 Corn is 33 2/4 cents lower or almost 7 ½%. The Wheat continued to climb as well. September’24 Wheat was 4 ¼ cents higher today and settled at 547. Today’s high was 555 ½ and the 1-month high is 592 ¼. Today’s low was 537 ¼ and the 1-month and 52-week low is 525 ¼. Since 6/24 September’24 Wheat is 24 cents lower or more than 4%. It looks like the Shorts decided to take advantage of the 50-cent rally, and sent the market almost 20-cents lower from today’s highs. Tomorrow will mark 1-week since the November’24 lows were made at 1031 ¾. I feel we will see the the market continue to head in that direction. The warm weather forecast scare for next week should be sold into. The moisture levels were replenished this spring, and the daily lows next week are cool. If the night time temperatures were elevated, that is when damage can be done. The daily or night time lows in Lincoln Nebraska next week are forecast to be in the low 70’s and 60’s. I feel we will see a new 1-month low soon. The Corn Market keeps trying to Climb higher, and the Wheat is starting to help. I feel that the Corn and the Wheat Markets will continue to try and reach their 100-Day moving averages. December’24 Corn 100-Day moving average is 460 ¾, and the 100-Day moving average for September’24 Wheat is 609.
Bill Allen
Senior Account Executive
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