Cattle Bucks To New High
February live cattle
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PowerRating)Â is extending its week-long rally
on forecasts for snow to cover Northern Texas, Oklahoma and Nebraska, major
producing areas. Cattle eat less and lose weight more quickly in cold weather. March feeder cattle
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PowerRating), from the Momentum-5
List, are up 1.500 to 81.075 and are currently set up in a Slim Jim pattern,
an intraday consolidation on its high formation. Back months of cattle–May and
June–are not up as steeply, suggesting the perceived demand imbalance will be
rectified in coming months.Â
Also from the Momentum-5
List, cocoa
(
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PowerRating) gapped above the lip of a cup and is
trading on the top of its range. As pointed out in this morning’s futures
Pre-Opening Outlook, crop forecasts are being lowered because of continued
delays of the cocoa harvest arrival into ports in the Ivory Coast, the world’s largest
producer of cocoa.Â
In the metals, March copper
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PowerRating) is down 1.90 to 82.25 after filling a gap left on January 2. Copper has rallied
off six-month lows on perceptions the economy may not be skidding into recession and
curb the demand for the industrial metal.Â
February crude oil
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PowerRating)
is failing to make good on its Turtle Soup Plus One
Sell signal, a sign that this week’s OPEC meeting could lead to higher
prices. Energies, both unleaded gasoline and crude oil, are both on the Momentum-5
List.Â
Also in the energies,
natural gas
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PowerRating) is down sharply on forecasts for moderating
temperatures in major consuming regions.