Cattle Thoughts: Will They Be Bought?
Presented by Heartland Investor Capital Management Inc. CTA
🐂 Cattle
Live and feeder cattle tested major long-term moving average support.
Charts suggest a short-term bounce is possible from current levels.
Failure to hold support next week would open the door to much deeper losses.
Any recovery is currently viewed as another selling opportunity.
Spec long positions remain high risk.
🌽 Corn
Corn failed just short of key Fibonacci resistance overnight.
Seasonal weakness into late July remains the expectation.
Old-crop sales were encouraged into the recent rally.
Longer term, yields below USDA’s 183 BPA projection and stronger exports remain supportive.
Price targets later this year still favor another leg higher.
🫘 Soybeans
November soybeans stalled near the $12.00 resistance level.
A pullback toward the 35-day moving average would be considered healthy.
Seasonal weakness is expected over the next two weeks.
Longer-term outlook remains constructive once the correction runs its course.
🌾 Wheat
Black Sea export disruptions continue supporting world wheat values.
Damage to Ukrainian loading facilities could reduce export capacity for an extended period.
Chicago and Kansas City wheat reached major resistance before retreating.
A seasonal correction is expected before another push toward new highs.
Export concerns and global crop losses remain supportive into fall.
🌍 Global Markets
Fighting between Russia and Ukraine continues disrupting Black Sea grain logistics.
Export flows are shifting toward alternative ports and the Danube River.
European wheat production losses remain uncertain but are expected to grow.
Australia also faces weather concerns later this year.
Global supply risks continue favoring higher grain prices beyond the seasonal correction.
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.