Morning Ag Markets – Tyson Loewen
Good morning! Cattle futures opened up in the green yesterday and maintained that for a few hours into the trading session, but corn had some strength out of the overnight and continued higher into the day which pressured the feeder cattle futures. Live cattle however, were resilient with just August and October finishing in the red. But, as cash feedlot trade made big advances last week, the June contract continues to try to play catch up even though it’s got quite a ways to go before reaching convergence. Both live and feeder cattle are looking trendy on the charts in the short-term as both continue to make higher highs and higher lows. In feeders, those contracts are approaching some resistance from the late April highs.…