FOR THURSDAY: (4/20) We feel good being short grains into Friday but could get a bounce early next week if weather changes or the market fails to breakdown enough. Cattle looks lower on Thursday but if no break happens, we still might get new highs on Friday. Hogs had a technical breakdown and weak cycles are into Monday, and we should be selling rallies if we can get.

JUNE LIVE CATTLE (electronic OK)
TODAY’S COMMENTS: (4/20) Cattle look toppy and cycles turn lower on Thursday with a recovery possible on Friday but then lower into Monday. We’re open to seeing price and pattern complete at 118.00 on Friday, and that would set up a better sale next week. Day-traders can sell on Thursday but no place to put a stop and have to start at 117.10 if you do go short.
OVERALL: (4/18) Cattle were all over the place but did manage to close up 25 ticks. Still willing to buy dips on hogs if we can get good value as the market seems higher into Thursday and seasonals turn higher here at least 2-3 weeks but often into the summer with BLT burger season continuing. Verdict is out on whether 118.00 has a chance. Resistance now up to 117.95-118.00. Once that upper level comes in, it may be done.
CYCLES OVERVIEW: Lower Thursday; higher Friday; lower Monday.

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