August feeder cattle posted a solid rally Monday, hitting a high of $153.075 before closing at $152.75, up $1.60 for the day. Support came from both noncommercial and commercial traders, the latter indicated by August gaining $0.05 onSeptember and $0.30 [...]

As I mentioned in Friday's Morning Commentary, December corn saw initial follow-through selling overnight, enough to push the contract to a low of $5.4950. This was a test of the next technical target of $5.4375, a price marking the 50% [...]

As I mentioned in Thursday's Afternoon Commentary, the Nov21-to-July22 futures spread is getting extremely volatile. After bottoming at a low of a 23-cent inverse on April 29  the spread quickly climbed to an initial high of 59 cents inverse on [...]

Pardon me for the wordplay I used as the title of this Chart of the Day, but it was too catchy to pass up. As I mentioned in Morning Commentary, the July Kansas City (HRW) wheat contract is indeed in [...]

I had a gentleman ask about July corn following Wednesday's generally lackluster session. Let's take a look at it from both points of view: Fundamentally, old-crop corn remains bullish. National average basis remains strong, with Tuesday's calculation of the cmdty [...]

As we head toward the next market disruptor, also known as the monthly USDA Supply and Demand report (set for release at 11 CT Wednesday), we need to keep a close eye on new-crop December corn. After posting a new [...]

The recent minor (short-term) uptrend posted by August live cattle has been almost picture perfect. The first part of the move saw the contract rally from its low of $115.925 (April 22) to test the initial upside target near $119.20, [...]

Well now, this is an interesting development. Take a close look at this daily chart for July lumber. We saw a string of limit up days, 8 counting Monday and 11 out of the last 13 sessions in total. And [...]

As I talked about in Thursday's Afternoon Commentary, the 2021-2022 corn market forward curve inched into a small inverse, for the most part, at the close. What is a forward curve, you ask? Great question. A forward curve plots the [...]

As we head into Thursday's session, we need to be aware of the latest developments in the June-August lean hog futures spread. Note Wednesday's close was $4.625, while down $0.425 for the day still almost $5.00 above the previous 4-year [...]

I had a question come in asking about the tradability of the July-Dec corn futures spread. It's a great question, as it fits with what I was talking about in my latest Weekly Column, "The Fine Line Between Equilibrium and [...]

Given the skyrocketing corn market and free falling feeder cattle, I've had a few questions about Dec live cattle come in. Taking a look at the contract's weekly chart, the starting point is a bearish crossover by weekly stochastics above [...]

Though it seems like it has been longer, but my most recent Chart of the Day post on June lean hogs was just last Thursday (April 29). At the time I talked about how the contract was approaching a fork [...]

Some of you new to this site are likely unfamiliar with what I call the Goldilocks Principle, "Daily charts are too hot, monthly charts are too cold, but weekly charts are just right." Over this past weekend I posted my [...]

I just sent in my weekly Kitco Gold Poll vote on direction of the market next week, and based on what I see on this daily chart for the June contract, I still see some downside potential. I still classify [...]

This time of year, new-crop December cotton often gets lost in the shuffle of the new-crop grain markets of corn, soybeans, and spring wheat. However, Dec cotton has been following its trend patterns relatively well after posting a bearish key [...]

This will be a quick post: Keep a close eye on Dec Corn as it sits near its previous 4-day low of $5.3725 heading into Thursday's session. Recall the contract has already posted a bearish spike reversal on its daily [...]

Yogi Berra is quoted as saying, "When you come to the fork in the road...take it." As I mentioned in Morning Commentary, June lean hogs might just take Mr. Berra's advice Thursday as it approaches a fork in the road [...]

There are a lot of contracts posting a lot of technical patterns to talk about Wednesday morning, but none are more interesting than what we see on the daily chart for November soybeans. Yes, Nov beans posted a bearish spike [...]

I'm pushing Morning Commentary back a few more minutes be3cause I want to get this look at the daily chart for new-crop December corn posted. Tuesday saw the contract post a clear bearish spike reversal, with Dec corn closing lower [...]

They are a common pest this time of year, usually coming out in late and staying around until late September when they go back into hibernation. They make a lot of noise, a lot of noise, and like to be [...]

Here's my train of thought when I looked at the May-July corn futures spread Tuesday morning: An incredible short-squeeze going on in the old-crop market. A short-squeeze in corn = Corn Squeezins Corn Squeezins = Whew, White Lightning A look [...]

While the lean hog market remains fundamentally bullish, as indicated by both the June-August and August-October futures spreads, the technical picture for June lean hogs still looks bearish. Recall from a couple weeks ago the contract posted a bearish key [...]

My friend Neils Christensen runs the weekly gold poll for Kitco News, and was kind enough to include my thoughts again this week. In it I said, "June gold's short-term trend looks to have turned down following a bearish 2-day [...]

Heading into Friday's session, the 2021 June-August live cattle spread (green line) is in position to post a bearish weekly close. It's previous low weekly settlement was (-$0.75) from the week of January 11, with this Thursday's close putting the [...]

As I mentioned in Thursday's Afternoon Commentary, the feeder cattle market had a rough day. The May contract closed $2.575 lower and August dropped as much as $4.825 before closing down "only" $3.55 for the day. Pressure came from both [...]

As I turned my attention back to the crude oil market Thursday morning, the first thing that came to my mind was the opening line from the Jethro Tull song "Locomotive Breath": In the shuffling madness...of the locomotive breath." As [...]

The Canadian dollar (loonie) posted a big range Wednesday, hitting a low of 0.79035 before rocketing to a high of 0.80248 and sitting just under 0.80 late in the afternoon. On the daily chart this creates a bullish outside range [...]

As I mentioned in Tuesday's Afternoon Commentary, both May and July lumber contracts closed the expanded limit of $48 (per 1,000 board feet) down after closing the then limit $32 up to start the week. And though it is only [...]

I was visiting with a good friend about the cattle market Monday, and one of the contract's that grabbed our attention was June live cattle. After falling as much as $1.625 right out of the gate, hitting a low of [...]

I had a simple, yet interesting message come in Monday, "Lean hogs just don't give up." He has a point, with a look at Monday's activity in June lean hogs showing us a strong rally of $3.675 at its peak [...]

As I mentioned in Monday's Morning Commentary, the US dollar index made a loud crashing sound as it fell through previous lows and technical targets overnight. The greenback hit a low of 91.03 early Monday morning, down 0.50 from last [...]

I had a question come in Thursday night, wondering if "is it still okay to be long hogs?" There are two ways to answer: Fundamentally and Technically. Fundamentally the June contract remains incredibly bullish, almost unfathomably so as the June-August spread [...]

At first glance the euro looks like it established a bearish spike reversal on its daily chart Thursday, coinciding with a bearish crossover by daily stochastics above the overbought level of 80%. This combination tends to both signal and confirm [...]

After posting the look at May feeder cattle Thursday morning, a good friend from Kansas wondered about the pattern in October feeders. Truth be told, it was a toss-up this morning as to which I would post, and I went [...]

I had a question come in about May feeder cattle Wednesday afternoon. The contract is in a minor (short-term) downtrend, though where it might decide to bottom is a bit less certain. Let's start at the beginning: March 30 saw [...]

The new-crop July Kansas City (HRW) contract has hit the accelerator on its minor (short-term) uptrend of late, enveloped in a cloud of smoke as it squeals its tires and launches itself toward the next upside targets (Can you tell [...]

As you could tell from Tuesday's Afternoon Commentary ("Livestock Steals the Spotlight"), I spent a lot of time over the closure of the day watching the livestock sector. One of the contracts that stands out to me is June live [...]

I have some friends in the lumber industry, and after mentioning the rocketing market in Monday's Afternoon Commentary I wanted to follow-up with a look at the continuous weekly chart for the nearby futures contract. Monday saw May futures lock [...]

I know I've talked a lot about June lean hogs of late, usually concluding with something like "the contract remains a Type 9 market, the most bullish type...". However, after Monday's session, we need to be careful that this contract [...]

A gentleman who is still holding some unhedged 2020 was soybeans touched base with me last Friday, wanting to know what the best strategy might be going forward. After congratulating him on his good position, I took a look at [...]

As I mentioned in Friday's Afternoon Commentary, the May-July soybean spread broke through support at the 5.25-cent inverse level (gold line), closing at 4.75 cents inverse. This was the weakest the inverse in the spread has been since December 18, [...]

I know, there are many in the industry on the verge of wetting themselves in anticipation of the latest round of monthly USDA Supply and Demand reports. But the reality is these same folks wouldn't go through so many adult [...]

As we move into the last half-hour or trade Thursday, May feeder cattle are in position to establish a bearish outside range. This would indicate the contract could come under pressure over the coming days, either rejoining or beginning a [...]

After I mentioned its slightly lower start to the day in Morning Commentary, the euro has posted a modest rally through early Thursday morning. Note Wednesday's high of 1.19144 was a test of the initial minor (short-term) upside target of [...]

It has been a while since I posted a look at the new-crop September Minneapolis (HRS) wheat weekly chart. The contract has been in a secondary (intermediate-term) downtrend since posting a bearish spike reversal (there's that pattern again) the week [...]

As we head into Wednesday's session for the livestock session (with no overnight trade), there are a number of interest market factors to track. One of the major items to watch is the possible topping pattern on the June Lean [...]

It seems I've been spending a lot of time talking about spikes recently, so much so if I was a sports commentator one would think it was volleyball season. the US 30-year T-bond futures is another example, though this time [...]

As Tuesday's session gets under way, one of the keys could be action in the May-July corn futures spread. After posting a low daily close of 14.0 cents inverse on March 25, the spread rallied to close at 16.75 cents [...]

The US dollar index (USDX) has seen follow-through selling from its bearish spike reversal posted Wednesday, March 31. Note that was the day the USDX hit a high of 93.43 before closing at 93.20, down 0.03 from Tuesday's settlement. The [...]

We need to keep a close eye on feeder cattle market this week after contract posted a familiar topping pattern last week. A look at this weekly chart for the more active May issue shows a new contract high of [...]

Some of you may be old enough to remember Saturday morning cartoons, with the highlight being Bugs Bunny, Daffy Duck, Yosemite Sam, and the rest of the gang. Like the comic section in Sunday's paper, Saturday morning cartoons are mostly [...]

I want to correct a couple things from Afternoon Commentary: The May-July soybean spread closed at an inverse of 5.25 cents (I think I said 5.75 cents earlier), the lowest close since the same mark was posted on December 22, [...]

...shame on me. Fool me a half-dozen times, you must be wheat. Well, here we go again. Wednesday saw the July Kansas City wheat contract post another minor (short-term) bullish spike reversal on its daily chart, this time a key [...]

Though corn futures, from old-crop May through new-crop July 2022, closed the daily limit 25 cents higher Wednesday, the cmdty National Corn Basis Index (NCBI, weighted national average) was able to "break on through to the other side" when calculated [...]

From a technical point of view, Wednesday could be interesting for the new-crop December corn contract. A look at its daily chart shows us the break of support at the previous 4-week low of $4.63 (dashed red line, last Friday's [...]

As I mentioned in Tuesday's Afternoon Commentary, November soybeans took out support at its previous 4-week low of $12.0225. This confirmed the secondary (intermediate-term) downtrend first signaled by the most recent bearish crossover by weekly stochastics above the overbought level [...]

June live cattle continues to defy logic and gravity as it posted a new contract high of $123.50 Monday. This was up $0.875 from last Friday's close, with support tied to both noncommercial and commercial traders. The continued buying remains [...]

A couple weeks ago I posted a look at the May-July soybean spread as it looked to be in the midst of a 3-wave downtrend on its daily close-only chart. However, as the last two weeks have played out we've [...]

The June lean hog contract is so fundamentally bullish, it is starting to leave gaps on a regular basis. The previous one occurred the morning of March 16 as the contract opened at $99.65, well above the previous day's high [...]

As I mentioned in the audio edition of my latest Weekly Column, "Forward Thinking", the key word as we head into this coming week continues to be "bullish". I'm specifically talking about old-crop and new-crop supply and demand for the [...]

I know all the hubbub and hullabaloo surrounding USDA's Prospective Plantings report next week will grow louder over the weekend, but if most folks simply turned off the noise and listened to what the market was telling us this week [...]

New-crop December corn took a look over the edge early Friday morning into a deep, dark, bearish canyon. The contract posted a session low of $4.63, mere fractions away from support at its previous 4-week low of $4.6275. Recall from [...]

The more I added to this July corn weekly chart Thursday afternoon, the more a work of art it became. Note how the contract has been consolidating within the price range posted the week of February 8, between the contract [...]

June live cattle are a real puzzler. Fundamentally the June-August futures spread looks poised to turn more bearish given Wednesday's close of $0.55 as compared to last week's $0.90 and the previous 5-year average for this week of $1.75. I've [...]

I could've gone a number of directions with Wednesday afternoon's Chart of the Day, but chose sideways, as in the sharp rally by the crude oil market due to the container ship getting stuck sideways in the Suez Canal earlier [...]

As I mentioned in Wednesday's Morning Commentary, one of the key markets I'll be watching as the day progresses is the new-crop Dec-March futures spread. Since posting its high of 3.75 cents carry on three consecutive days from November 18-20, [...]

As I mentioned in this past weekend's Weekly Analysis, the July crude oil contract had not yet established confirmation of a new secondary (intermediate-term) downtrend on its weekly chart. However, it did just that during Tuesday's sharp selloff as it [...]

The last week is another good example of why I follow the Goldilocks Principle (Daily charts are too hot, monthly charts are too cold, but weekly charts are just right). As I thumbed through the Charts archive I found what [...]

As mentioned in a Quick Take Monday morning, the euro posted a bullish outside range on its daily chart to start the week indicating the end of Wave 2 and beginning of Wave 3 of its 5-wave minor (short-term) uptrend [...]

As you can see I've zeroed in on short-term patterns only on this June lean hog daily chart, starting with the bearish key reversal posted last Thursday. Then we saw June lean hogs post a new contract high of $102.50 [...]

As I mentioned in Friday's Afternoon Commentary, most of cattle contracts posted some form of bearish reversal pattern on their respective weekly charts at the close. One of the more noteworthy was the key reversal in May feeder cattle. After [...]

As I mentioned in Morning Commentary, there are a number of markets looking to post some sort of reversal on their weekly charts Friday. The most dramatic could be RBOB gasoline given its move early in the week to a [...]

As mentioned in Thursday's Afternoon Commentary, June live cattle had an interesting day. After posting a new contract high of $122.70 and failing to spark strong buying interest, June started to fall. First it took out Wednesday's low of $120.625, [...]

I've been asked to participate in a market panel discussion next week as part of the Grain Farmers of Ontario March Classic*. I'll be joining some friends with the panel hosted by Tyne Morgan of the US Farm Report, one [...]

As mentioned in Afternoon Commentary, the US dollar index came under pressure Wednesday with many attributing the selling to the US Federal Reserve standing pat on interest rates, holding the Fed Fund in that gray area between 0.00% and 0.25%. [...]

As I mentioned in Wednesday's Morning Commentary, the new-crop December 21-March 22 futures spread quietly closed Tuesday at 8 cents carry, slipping below support on its daily close-only chart at 7.75 cents. The spread posted a string of closes at [...]

You may have to break out the magnifying glass for this one, but a close inspection shows the new-crop July Kansas City (HRW) wheat contract established a bullish spike reversal on its daily chart. This pattern confirms the bullish crossover [...]

Tuesday could be a key day in the life of the June 2021 lean hog futures contract, at least short-term. Friday's session saw the contract sneak in a bearish spike reversal as it hit a new high of $99.40 before [...]

The short-term uptrend in June live cattle has gone about as far as it can without altering the view on the contract's intermediate-term weekly chart. As I talked about a week or so ago this ongoing minor uptrend has resulted [...]

The much watched May-July soybean futures spread finished the overnight session at an inverse of 9.5 cents, below support at the previous set of lows at 10.25 cents inverse (February 25 and March 1). If we see something similar at [...]

...that is the question. As I mentioned in Afternoon Commentary, December 2021 corn completed a bearish spike reversal pattern on its weekly chart, inc conjunction with a bearish crossover by weekly stochastics above the overbought level of 80%. This combination [...]

The June live cattle contract remains in its minor (short-term) 5-wave uptrend, and is in position to extend Wave 5 as we head into the weekend Friday. Wave 3 peaked at $119.875 Tuesday, March 9 leading to a short-lived Wave [...]

As I mentioned in Thursday's Afternoon Commentary, with all the focus on the old-corp soybean market the new-crop November-January futures spread has been flying under the radar. And not just that, but it has been losing altitude along the way [...]

One of the most watched, and heaviest traded, futures contracts in the industry is the US 10-year T-note. As of early Thursday morning, the June contract is showing open interest of 3,647,918 contracts and trade volume (as of 5am CT) [...]

As I mentioned in Wednesday's Afternoon Commentary, the May-July contract futures spread looks to have confirmed it is in Wave C (third wave) of the 3-wave downtrend pattern on its daily close only chart. Wednesday's close of 9.75 cents inverse [...]

As I mentioned in Wednesday's Morning Commentary, the US dollar index looks to have established a bearish 2-day reversal/spike reversal on its daily chart, confirming its minor (short-term) trend is turning down. This pattern confirms the bearish crossover by daily [...]

As I talked about in the morning Chart of the Day from March 1, "December Cotton: Following the Rules", the contract posted a bearish key reversal on its weekly chart the week of February 22. Usually, this would be viewed [...]

As I talked about with my friend Neils Christensen from Kitco News with his gold poll last week, the April futures contract seemed to be nearing the end of of its secondary (intermediate-term) downtrend. The contract closed last week at [...]

As I talked about in Weekly Analysis: Livestock earlier Monday, April live cattle remain in a secondary (intermediate-term) 3-wave downtrend on its weekly chart. However, a look at the contract's daily chart shows it is nearing a possibly turn to [...]

As I mentioned in Monday's Morning Commentary, overnight activity in November soybeans opened the door to a number of potential technical patterns this week. Leading off is the contract's low of $12.4825 as compared to last week's high of $12.48. [...]

As I mentioned in Friday afternoon's Chart of the Day, "(GF) Go Figure", the August feeder cattle contract posted a new 4-week high and contract high last week indicating it could find more room to the upside over the coming [...]

If you are old, like me, you remember when the symbol for Feeder Cattle was FC. As a broker, this always made me pay close attention when I was writing up an order ticket for a September (U)/May (K) spread. [...]

The first thing I notice when I fired up the quote screen Friday morning was the US dollar index had built on Thursday's solid rally, extending its secondary (intermediate-term) uptrend to a high of 92.01 early Friday morning. This took [...]

As I mentioned in Afternoon Commentary, new-crop December corn punched its way to a new contract high of $4.7925 Thursday one tick above last Thursday's his of $4.79. This took the contract one small step closer to the next round [...]

A friend sent me a quick message Wednesday afternoon, "Key reversal by Brazilian real?" I appreciated him brining it to my attention, so I popped over the the daily chart for the real (BRLUSD) and sure enough, it had indeed [...]

As I mentioned in Wednesday's Afternoon Commentary, the new-crop July-September Kansas City (HRW) wheat futures spread closed at a carry of 5.25 cents, 0.5 cent stronger than Tuesday's settlement. This extended the spread's downtrend as it took out the double-bottom [...]

The May-July soybean futures spread chart continues to get more interesting given the strong rally seen Tuesday through Wednesday morning's intermission. After closing at 10.25 cents inverse Monday, March 1, equaling the previous low close from Thursday, February 25, with [...]

I've been keeping a close eye on April lean hogs, and as I mentioned in Tuesday's Afternoon Commentary, what I saw over the course of the session was "alarming". Not only did the April contract close $2.375 lower for the [...]

This morning I'm taking a look at the second new-crop market I ran out of room to talk about in my latest Weekly Column, "Spring Training". Recall from that piece I mentioned the intention was to not only break down [...]

As I mentioned in Monday's Morning Commentary, the new-crop July Kansas City wheat contract posted a bearish spike reversal last week. This less than reliable reversal signal was created as the July KC hit a new contract high of $6.67 [...]

As I mentioned in Monday's Morning Commentary, the new-crop December cotton issue posted a bearish key reversal last week, a pattern that has proven to be one of the more reliable in commodities over the last year. Dec cotton posted [...]

I had a request come in for a look at the weekly crude oil chart, with last week showing the market continues to climb higher. The spot-month April contract hit a high of $63.81, the highest level for the market [...]

I had a request come in for a look at December live cattle. While not as dramatic as the reversal we've seen in the April contract the last two weeks December did post a bearish outside range this past week, [...]

A good friend sent me a quick message Thursday afternoon asking if I could take a look at the chart for August feeders. As always, I started with the weekly chart, and from a technical point of view, I didn't [...]

I had a good question come in shortly before Thursday's close, "Is this a bearish key reversal in May soybeans?" From a technical point of view the answer is "Yes*", but please note the asterisk. Yes, May soybeans posted a [...]

The old-crop corn market came under increased pressure as Thursday morning unfolded, highlighted by the May issue falling as much as 13.25 cents before finishing the overnight session 10 cents below Wednesday's close. Trade volume was heavy, with May registering [...]

As I mentioned in Afternoon Commentary, new-crop July Kansas City (HRW) posted a new contract high of $6.67 Wednesday. But that was only part of the story. A look at the continuous chart for July KC wheat only shows this [...]

The April live cattle contract is giving us signs the stampede higher has come to an end, having turned the corner into a new secondary (intermediate-term) downtrend. Last week saw April live post a new contract high of $126.70 before [...]

Let's say, hypothetically, one wanted to be bearish the soybean market. How crazy does that sound? From a fundamental point of view that idea could be considered straight-jacket worth given the strongest national average basis we've seen in more than [...]

As I mentioned in this space back on February 8 with the post "Expanding the Conversation", at the time the May-July corn futures spread looked to be building a potential expanding triangle. This is also known as a broadening formation, [...]

Rather than saying canola has been flying under the radar, a look at the weekly chart for the May contract shows it is actually flying above the radar as it posted a new high of $758.30 Monday*. Both the old-crop [...]

As I mentioned in Monday's Morning Commentary, the February 1 Cattle on Feed report was considered bearish by those who measure such things against pre-report estimates. As you know, I don't play that game, knowing most pre-report estimates are simply [...]

Last Friday I had an interesting conversation with a good friend in the livestock industry. Our attention turned to hogs, and he shared with me how his two fundamental indicators, propane and feed trucks, had confirmed what I've been saying [...]

As I mentioned in Wednesday's Morning Commentary, we need to pay attention to the alarms going off in the May-July soybean futures spread. After hitting a high of 19.75 cents inverse on February 4, the spread has quickly fallen through [...]

When last we talked about the US dollar index ($DXY) on February 5 ("A Matter of Time"), the discussion centered on how the minor (short-term) trend looked to be turning down based on a developing reversal pattern on the daily [...]

A good friend in the hog industry sent me a message over the weekend that included this thought, "I think pigs are soaring, not flying..." He is absolutely right as contracts raced to new highs last week on strong buying [...]

One doesn't have to cross their eyes much to see what looks to be the beginning of a new secondary (intermediate-term) downtrend on the new-crop July Kansas City wheat weekly chart. Since posting a new contract high of $6.6175 the [...]

With this week's Hump Day now behind us, and only a couple sessions standing in the way of the next weekend, a look at the weekly chart for April Live Cattle (LEJ21) shows us the contract looks to be nearing [...]

I had a great question come in this morning with my friend wanting to know, "Is the reversal in March corn spike or key?" The, at least through Wednesday's intermission, depends on the timeframe we are using. Daily Chart = [...]

I had a question come in Monday afternoon with my friend asking "How would you look at April hogs as far as wave counts?" As always, I appreciate your questions. In the case of April lean hogs, the contract looks [...]

Another of the spreads I mentioned, always mention, in Morning Commentary was the May-July soybean spread. As with the corn edition, this soybean spread looks to be in the process of establishing a topping pattern. Here we see the spread [...]

As I mentioned in Monday's Morning Commentary, the May-July corn futures spread out be in the process of establishing a topping pattern on its daily chart. However, the broadening formation, also known as an expanding triangle, is not one of [...]

As I just retweeted on Twitter, my friend Neils Christiansen of Kitco News included me in his weekly column discussion the various opinions of analysts and traders on gold. In it I talk about how I still see a secondary [...]

While I'm still a US dollar index ($DXY) bull long-term, this daily chart shows the greenback could be headed lower short-term. After posting a new high for its minor (short-term) uptrend overnight of 91.60, its highest mark since December 1, [...]

Though the US is only two weeks into the new Biden administration, I've had folks tell me the new president's Executive Orders have been the cause of the $1.00-plus selloff in soybeans and the sharp rally in crude oil. As [...]

A common question I've been asked of late is will China cancel some of these big corn purchases made recently? I understand the fear, for anyone who has been in this industry for any time at all has a story [...]

A look at the daily chart for June live cattle shows us some familiar short-term patterns: Last Friday's wide range from a new contract high of $119.775 to a daily low of $117.10, combined with a lower daily close, established [...]

As I mentioned in Tuesday's Afternoon Commentary, the spot-month crude oil contract posted a new high for the ongoing secondary (intermediate-term) uptrend of $55.26, the highest price posted since the week of January 20, 2020. While the market has easily [...]

The daily chart for May soybeans is showing a potential bearish breakdown Tuesday as the contract tested trendline support overnight. This support, connecting the minor (short-term) lows of $12.97 (January 25) and $13.3375 (January 29), is just over $13.52 on [...]

One of the more interesting daily charts as Monday came to a close belonged to the new-corp July Kansas City (HRW) wheat contract. Here we see an outside trading range, with the low of $6.1925 taking out the previous 4-day [...]

Now that we've turned the calendar page to February, we need to shift our sights out to the next round of contracts in both live cattle and lean hogs. Given that, Monday morning's focus is on the June Lean Hog [...]

A conversation last Friday brought up the correlation between 2008 and 2021 corn, and I concluded with I would post a chart comparing the two marketing years. While I'll also be looking at the cash market in the near futures, [...]

I'm putting another discussion of the May-July corn futures spread on hold this afternoon, as I had a question come in asking about the weekly chart for October live cattle. At first glance it seems the contract established a bearish [...]

From a purely technical point of view, the March soybean contract did what it looked like it should do Thursday. After posting three days up against its minor downtrend, the contract posted a sharp selloff. So far, the pattern on [...]

Things are about to get more interesting in the corn market. As I mentioned in Afternoon Commentary, both old-crop March and May futures contracts took out their previous highs from January 13, all while the minor (short-term) trend still looks [...]

I did an interview with RFD Radio Monday afternoon, and my friend DeLoss Jahnke asked what upside targets I had for March corn given the recent wild swings. I had to be honest with him, I didn't know, because I [...]

As we look ahead to spring planting season, summer field work, and fall harvest a great deal of attention is being paid to distillates (diesel fuel, jet fuel, heating oil, etc.). As I talked about in Seasonal Analysis last week [...]

In my latest Weekly Column, "$20 Soybeans!", I mentioned March soybeans weekly chart. There is a lot going on here, so let's take it point by point: The secondary (intermediate-term) trend could be considered down Weekly stochatics established a bearish [...]

I want to take another quick look at the March-May corn futures spread Thursday morning, given what looks to be a generally clear 3-wave downtrend pattern on its daily chart. Wave A (first wave) ran from the high of 0.75 [...]

Wednesday was quite a day, and there was concern all of its was loosely tied together. I had a question come in wondering if the rally in soybeans was over because noncommercial traders were selling due to the new administration. [...]

I truly appreciate all the comments that have come in following my latest Weekly Column "The Sun Also Rises". As I've said since early 2004, one of my favorite things to do is write a column. This time around, most [...]

I've had the opportunity to visit with a number of you folks the past few weeks, and one of the more frequent subjects is live cattle. Many of you have echoed the sentiment demand for replacement feeders is down because [...]

As you know, I spend a lot of time talking about futures spreads and cost of carry tables, with an occasional mention of forward curves. For definition, a forward curve shows the prices of as many futures contracts as one [...]

The flip side of the US dollar index, or the yin to the greenback's yang, is the euro (EURUSD). Given that, one would expect to see almost the exact opposite of the technical patterns for the dollar posted on the [...]

As I mentioned in my latest Weekly Column, "The Sun Also Rises", as we cross the midpoint of the month of January (and winter, for that matter), the US dollar index ($DXY) is in position to possibly establish another major [...]

Those of you who are a certain age will likely recall the old Atari view game "Breakout". In the game, one had to continuously bat a ball against a wall of electronic bricks, and it you hit the same spot [...]

Good morning everyone. I had a question come in Tuesday afternoon, and it only had to do with corn in the abstract. A good friend asked me to post a daily, weekly, and monthly chart for April Feeder Cattle to [...]

The idea of global economic recovery could be taking a detour, at least according to this continuous weekly chart for the nearby futures contract. Last week saw the March contract go to a new high of $3.7200, the market's highest [...]

The lean hog market was interesting again last week, led by the nearby Feb contract. Note last week's high of $72.00 was an exact test of the previous secondary (intermediate-term) high from the week of October 12, 2020. After hitting [...]