Cattle Won't Back Down
Presented by Heartland Investor Capital Management Inc. CTA
Cattle:
Live and feeder cattle resilient despite health scare headline
Boxed beef up over $6 supports higher live cattle bids
October cattle could test 242, feeders eyeing 370 to 372
Timing window for seasonal top still open into mid September
Hogs:
December hogs punched new highs, showing five-wave rally
ABC correction complete, strength probable with retracement above 78%
High beef prices boosting hog demand
Targets near 87 possible with seasonal Chinese demand
Corn:
Support holding near 407.5 level after retest
Intraday charts suggest possible bounce after pullback
Resistance tested at 416.5, still capping rallies
Cool weather but limited moisture trimming yield potential
Soybeans:
Beans closed higher despite soybean oil collapse from palm oil tariff removal
Meal strength offsets oil weakness
Channel support holding on intraday charts, bullish if above 1056 to 1058
Market rejecting $9 downside forecasts, implying stronger demand
Wheat:
Export inspections hit 12 year high
Chicago wheat supported, Kansas City pressured by spreads
Minneapolis flat, not reflecting Chicago’s strength
China rumors supportive, seasonal strength improves after mid September
Crude Oil:
Turn date hit August 20, resistance capped at 65.10
Wave two bounce likely not finished yet
DOE report may trigger short term pullback
Seasonal hurricane risk absent, downside target low 50s by winter
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.