Cattle are displaying warning signs, with today being a red flag day for these indicators. In today’s video, I will demonstrate on the charts how today’s close mirrors the last two significant highs in cattle before their sharp declines in March and at the end of July.
There are technical market signals that sometimes contradict the news, yet they alert investors to potential changes, echoing the adage, ‘Those that know don’t say, but those that say don’t know.’ This could be one of those times when the cattle market is in trouble, despite the cash market not showing such signals.
This trigger does not guarantee an immediate market drop; as seen in late July, the market held for two sessions before a freefall on the third day.
Additionally, the video delves into the corn trade’s evolution since our prediction for the corn market bottoming around 385 in the latter half of August. This forecast, made on August 2, was accurate with the exact low at 385 and the low window on August 27. We anticipate corn prices to rise progressively into winter, contrary to the extreme bearish sentiment in the market.
Wheat may also be nearing the end of its setback after touching the 200-day moving average for Chicago wheat at 617 and Kansas City wheat at 622. Today’s upward turn, despite the overall bearish sentiment and impending rains in the wheat belt, might signal a resurgence in wheat demand, particularly with Algeria’s tender for prices near Russia’s stated floor price of 250/MT, which they have not been strictly adhering to.
Apologies for the technical difficulties with our previous links; this one is confirmed to work.
