Cattle Surge While Grains Purge

Presented by Heartland Investor Capital Management Inc. CTA

Cattle Market:
Strong rebound off last week’s lows after Mexican feeder cattle imports began July 7
Market reversed initial selloff as the news was already priced in
Boxed beef values climbed again; packers profitable despite tight kills
Goldman roll helped shift sentiment as futures were seen as too discounted
Technical count allows for either a final push toward 225 or a wave three advance

Corn Market:
New contract lows today, matching levels from last Tuesday before the Trump-fueled rally
Market collapsed after Vietnam announcement failed to deliver real export commitments
Excellent crop weather and ratings mirror high-yield years like 2016 and 2018
Market now pricing in a 17.5 billion bushel crop; FC Stone projects 186 yield
Weak demand and strong supply outlook continue to weigh on prices

Soybean Market:
Support at 1013 held last week, followed by a rally to 1058.5 before rolling over
Now in a wave C decline, targeting 997–993 after a brief bounce
Trade remains reactive to any policy or China-related developments

Wheat Market:
Dropped hard Monday, but formed a double bottom and closed firm Tuesday
Still rangebound; potential head-and-shoulders pattern developing
Resistance near 577, though moving averages offer limited guidance currently

Crude Oil:
In a wave two bounce after a major one-two wave pattern began in May
Resistance zone lies between $70–76 before next leg lower
Wave three decline expected once bounce phase completes, pending macro drivers

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.