May Day In The Cattle?
Presented by Heartland Investor Capital Management Inc. CTA
Live Cattle
Market opened higher but reversed, closing lower despite strong cash trade reports up to $224.
June contract reflects Texas pricing; market skeptical of Northern highs.
Outside-day down pattern from April 30 signals possible trend exhaustion.
Feeder Cattle
Almost formed outside-day down; September did confirm it, though it's not the lead contract.
Technicals suggest wave two correction could extend into summer.
Market may remain frothy and cautious given strong recent rally.
Corn
Holding near 468–469 support; drop below could target 460 and shift to bearish count.
Old crop tightness contrasts with good-looking safrinha crop; USDA may trim carryout.
December corn could form bullish head-and-shoulders if support holds.
Soybeans
July beans closed above 200-day MA; soybean oil strength drives rebound.
Tariff actions removed Chinese used oil imports, lifting domestic demand.
Market eyes potential for $11 beans if oil rally continues.
Wheat
Back to major lows; new contract lows persist.
60-day cycle hits May 2, but recent cycles have failed to provide lasting bottoms.
Dry Chinese weather and Black Sea concerns worth monitoring.
Crude Oil
Wave 4 bounce likely done; today’s drop may start wave 1 down.
Possible wave 2 bounce toward $62–63.5 before further decline.
Geopolitical headlines (Iran sanctions) could temporarily support price.
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.