Feeder Cattle limit down.The Box beef values took a big hit this morning, down over 1.1%.The breaking of Support and Seasonal weakness all played a part in lower prices today.live cattle not yet at limit but down 2.5 handles.
The weakness In gasoline and strength in Dollar could not be ignored and crude Oil continued to trade lower with less than 1 hour to go in pit session.Weakness in Crude has put a dent into the Equity rally ,but as long as Spooz can stay above yesterday’s pit high 2047 very short term uptrend intact.
Feds Evans answering Questions after his speech.A few Dovish comments I see:
- Don’t fear pushing Inflation above 2.5% for awhile( They can stay lower for longer w rates)
- Fed could get in trouble trying to prick Bubble
- Feds’s caution gives US economic fundamentals time to take hold.
All above comments lean towards A FED in no hurry to raise rates.Echoing what Yellen said yesterday, Dollar moving lower.