Cattle seem to be throwing up warning signs. Today is a red flag day for these warnings. In today’s video, I will demonstrate on the charts how today’s close is exactly like the last two significant highs in cattle before they dropped sharply in March and at the end of July. There are technical signals triggered by the market that are sometimes opposite to what the news tells you. But these triggers warn investors that something is up. As the old saying goes, ‘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, although the cash market is not giving that signal. This trigger does not necessarily mean the market will start to decline immediately. After the late July trigger, cattle held up for two sessions, and then the freefall began on the third day.
In today’s video, we delve into the corn trade and its evolution since our prediction on August 2 for a market bottom around 385 in the latter half of August. The exact low was 385, with the precise window for the low occurring on August 27.
We anticipate corn prices to gradually rise into the winter, despite the prevailing extreme bearish sentiment in the market.
Additionally, wheat may 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. The recent upturn in wheat prices, amidst a bearish market and upcoming rains in the western wheat belt, could signal a resurgence in wheat demand. This is particularly evident with the Algerian tender for prices near Russia’s stated floor price of 250/MT, which they have not been strictly adhering to.
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