9/5/24
The Cattle Markets have bounced since the monthly low was established in the Feeders. However, I believe the Cattle Markets will retest the lows and see if the Fats can trade through the 52-week low, just like the Feeders did. The 52-week low in the October'24 Live Cattle is 168.50. For the October'24 Feeder Cattle the 1-month and 52-week low is 229.35. I know some Ranchers are nervous about the economy, stock market, and continued demand, and are willing to unload, at the Packer's prices. If this becomes the norm, then I feel new lows will soon become reality.
The Grain Markets have all been on the rise, and that might continue for now, but I feel the Beans will be much lower soon. The December'24 Wheat hit my level at 580 yesterday. You can check my older articles and see that I wrote about it most recently on 8/28. I think there could be more upside in the Wheat Market. The Corn looks good as well, and I still feel it can rally in to the 440's, but I don't see a huge rally in that market yet. I am still very Bearish the Soybean Market, even with this pop in the market. It's possible the Beans could drift a little higher, but not for long. I would continue to sell into this move higher and sell Calls and buy Puts. I feel the Soybeans will head toward the 910-930 level. It's 8:38am and November'24 Soybeans are 6 ¼ cents lower at 1015 ¼.
-Bill
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Bill Allen
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