Shootin' the Bull about enjoying the Holiday's
Live Cattle:
There wasn't enough trading to take place to formulate much on. Merry Christmas and a prosperous New Year's from Chris Winward, Shawn Gammon, and myself.
Update on Head & Shoulders pattern in the cattle market.
Feeder Cattle:
Plus on the day, but not by much. With the volume of sales of stocker's and feeders in January, second only to July, it will be more than interesting to see if the appetite for expensive cattle holds into the new year.
Hogs:
Hogs were lower and expected to continue lower. The lean hog index was up $.14 at $84.35.
Corn:
Corn and wheat were a little firm with beans lower. I anticipate corn to continue to firm and beans soften. I am unsure on wheat's next most probable move.
Energy:
Energy has seen both sides of unchanged with a firmer tone going into the close. I anticipated energy to continue to trade higher.
Bonds:
Bonds and all note time frames were lower today. Along with this continuation of a trend in bonds is the US dollar. Both began trading in current directions prior to the election and accelerated after the election, suggesting this is the direction these two markets want to trade in. The higher US dollar keeps more product at home while the higher interest rate makes new purchases on credit, more expensive.
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