Oliver Sloup joins Scott the Cow Guy on to share his thoughts on today’s grain and livestock trade ahead of tomorrow’s USDA report
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Transcript: As I say, Mr. Oliver Sloup, he’s with blue line futures in Chicago. Oliver, thanks for being on. Alright, brother. Let’s say you I’d like to hear what you think, you know, in the last few days have been tough today was a little bit better, obviously. But is this just a bounce? Let me continue on. Tell me tell me we got something cooking here.
Yeah, the last couple of days had been just really tough sledding for the agricultural markets as a whole, not just the grains, but livestock as well, which we’ll cover in the next segment. But yeah, find that some relief in the overnight trade, which is encouraging to see what’s not so encouraging is the fact that we’re giving up some of that strength that we saw in the overnight trade that came on lighter volume. So you know, it’s just kind of a whole hump day, you would like to see a little bit more follow through that 412, the 413 level for December corn has kind of been a pivot pocket on our radar through this week straight. That was the low from the quarterly stocks report. And then the eventual breakdown point, if we can get back out above there, potentially, we can spur some additional short covering, and tack on another, you know, five to 10 cents or so. But I think the upward rallies are probably going to be somewhat limited at this point. Now, obviously, we’ve got a USDA report tomorrow, I’m not so sure that that’s going to be enough to really move the needle in any direction. And looking at the options market in the volatility, I think that that market would concur. There’s just not a lot of not a lot going on in either direction here kind of like watching paint dry for corn. So I wouldn’t be surprised the a sideways consolidated trade soybeans, on the other hand, you know, obviously, they’ve gotten taken to the woodshed a lot harder here this week trading about 6575 cents off of the recent highs. And we’re kind of getting that overall sentiment in the market where it’s just seems like we’re never going to be able to rally again. Right. And what’s the catalysts that can do that? Well, we saw a flash sale to China yesterday for new crop that was good to see. But we need to see more of that. But it’s kind of reminiscent to what we saw in February when we’re at the lows, we’re just seemed like we’re never going to rally again. And then, you know, one day we just start moving north. Well, that day be sooner rather than later to be determined. I think the election still going to be a big headwind over this market to come. Could
be right. All right. Great stuff. Thanks for all of that. Still right there, though. We’re gonna go away, we need to pay some bills. We’re gonna come back and talk more with Oliver Sloup. He’s with blue and futures in Chicago. We’ll be right back right after this. It’s gonna be all over slow blue line for your futures. Oliver, thanks for sticking around. I don’t know what your thoughts are when it comes to the cattle and hogs? Well,
as mentioned in the first segment, it’s just been tough sledding for the agricultural markets and livestock has been no exception to that here on this week’s trade just getting beat up a little bit. And you know, I’ve talked about this, you know, long enough where there has been some concern in the cattle complex, where it feels like we’ve had pretty good reason for this market to kick pin you north, especially with the way that the cash markets been trading and the fact that we really aren’t able to see the futures really close the gap. But the cash market is a caution flag, in my opinion. And we’ve talked about the, you know, the fears of slower economic growth, and the theory is a bird flu may be keeping funds at bay. And I think that’s probably a big factor here. So we’re definitely being a little bit more proactive for people who knew downside protection or want short exposure into the end of the year and into early next year in the cattle market and lean hogs. Just a roller coaster limit down in that August contract yesterday, and then we’re only about a buck away from closing that gap. But in today’s trade, so just a yo yo trade in that market. Yeah,
that’s been pretty volatile. And to your point about the catalysts, you know, all you got to do is look at your friends, your producer friends over in the grains and we think maybe it’d be a good idea if I put some flowers in underneath there and maybe do some risk reversals because I think and then also, I don’t know, I you know, I didn’t trade a ton of cattle in my career, but I do know one thing, it seems like when they pull the rug out from underneath you there they really pull it out.
Yeah, yeah. We saw it in theaters just the other day at 11am. Sharp Exactly. Right. Box and a minute. Yep.
All right. Great stuff as usual. Have a great to end of the day that thanks very much for being on the show. They’re all over Sloup of the blue line futures. He’s in Chicago.