Weights jumped this week, which is normal according to The Hightower Report, but they are still under last year and under the five-year average.
With the extreme overbought conditions of the beef market and a lack of trade in the cash market, so far this week, the market looks vulnerable to some back and fill type action, The Hightower Report said.
However, the recovery for beef prices should support a positive tone for the cash market, says The Hightower Report.
Stocks: November E-mini S&Ps this morning were up 1.037% this morning. Early this morning in Europe, the Euro Stoxx 50 was up 1.46%, France’s CAC 40 was up 1.22%, Germany’s DAX Index rose by 2.08% percent and London’s FTSE 100 was down 0.78%. Stock markets in Europe were mostly up in trading overnight over good news with the China –U.S. trade negotiations and positive words from U.S. President Trump, TradingEconomics.com said. Stocks in the Asia-Pacific region also rose on Friday, following overnight gains on Wall Street, after high-level trade talks between U.S. and China resumed in Washington. Sentiment was fueled by expectations that a deal will be announced on Friday. Shanghai’s Composite Index rose 0.88% overnight, while Japan’s Nikkei Stock Index finished down 1.15%.
Currencies: Early today the dollar index was down 0.29%, EUR/USD was up 0.34% and USD/JPY was down 0.45%.
Energy: WTI crude oil prices this morning are up 1.31%, and gasoline is up 0.62%.