Cattle are throwing up warning signs; today was a red flag day for these warnings. In today’s video, I will show on the charts how today’s close was exactly like the last two significant highs in cattle before they fell out of bed in March and at the end of July. There are technical signals that the market triggers that are sometimes opposite of what the news is telling you. But the triggers warn money that something is up, like the old saying, “Those that know don’t say, but those that say don’t know.” This could be one of those times again when the cattle market is in trouble, yet the cash market is not giving that signal. This trigger does not necessarily mean the market will start falling out of bed tomorrow, as the late July trigger had seen cattle hold up for two sessions following that day, and then the freefall was at hand on day three.
In today’s video, we also go inside the corn trade and how it has been evolving since we called for the corn market to bottom around 385 in the last half of August (this prediction was made on August 2, and the exact low was 385 with the exact window for the low on August 27. We continue to look for corn to progressively work higher into the winter, contrary to the extreme bearishness that has overtaken this market. Also, wheat could be close to finishing its setback after hitting the 200-day moving average for Chicago wheat at 617 and Kansas City wheat at 622. Today’s turn higher with everyone so bearish, even with rains on the way for the went wheat belt, may be more a focus of wheat demand that is starting to pick up, especially seeing Algerian tender for prices near Russia’s stated floor price of 250/MT which they have been not adhering to very well.
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On the date of publication, Eugene Graner had a position in: ZCZ24 . All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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