Feeders Flame Out
Presented by Heartland Investor Capital Management Inc. CTA
Feeder Cattle:
Outside day down posted, signaling potential near-term trend change
Hit and rejected 340.10 high, above prior 337 target
Extension math shows measured move target was 340.70
Support zones seen at 329 (17-day MA) and 325.5 (38% retracement)
Possible wave A down in motion, with B wave bounce likely
Deeper C wave decline may develop into September or October
Outside day took out every daily low this week
Stock market correlated intraday moves with feeders
Bull market may have completed wave 5 of 5 of 5
Live Cattle:
August contract hit 233.75, just shy of weekly projection at 234.50
Key reversal pattern developing if Friday closes lower
October topped just above 230; support lies near 220–221
Brazilian beef tariffs start Friday, impacting 22% of U.S. imports
Reversal partly due to end-of-month profit-taking by funds
Corn:
Big export sales reported: 1.89 MMT last week, 350K+ MT this morning
Buyers included Colombia, South Korea, and unknown destinations
Price reversed up after retesting weekly lows
Held above prior low for potential key reversal up
StoneX expected to post large yield (around 186 bpa) ahead of Aug 12 USDA report
Pro Farmer Tour set for Aug 18–19
$4 is major support on weekly charts
Soybeans:
November beans in wave three down, targeting 960
Minor bounce today to 9.025 after hitting 8.75
960 is key trendline and measured move support level
Falling through 960 opens path to 940, then possibly $9.00
Bean oil hit 62% retracement at 57.65, reversed lower
Spot bean oil now threatening an outside week down
Wheat:
August historically quiet for wheat; no seasonal tailwinds until September
Kansas City wheat up two days, likely to be sold on day three
Weak price action with no new catalysts, just range-bound chop
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.