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Ira Epstein's End of the Day Agriculture Video 5 21 2019



the Dale I represent Oakland and associates with your agriculture update and this is for the close of business on Tuesday to 21st of May 2019 well you can see the beans fell very hard almost a 30 cent range today I'll explain why in a moment we gave up all the gains that back down 14 and the corn well little lower than mid session what the government did is they floated what the farm aid program of the 15 billion that the president is proposing might go to and they're talking two dollars a bushel and soybeans about 63 cents in wheat and about four cents in corn so at this time when we don't have a market for our soybeans and that's the reality I mean we have monstrous supply if you give the farmers more incentive to plant more what's that going to do to prices and that's what I think weighed on the market today remember you got a cattle on feed report coming up and we got monstrous amounts of cattle that are on feed and talkest more going on there because of cheap grain in the stock market a bit of a rally today is the president backtracked on while we and now the company 2 still service for a while maybe to August 19th existing networks and mobile phones but as for giving product to build new networks and phones flat no dollar a little bit higher metals on the whole weaker for the day so as we take a look at soybeans you can see you've had a bounce from the 797 area you're still up overall about 25 cents off that low obviously today's action the market did not like that's called a big outside day down and when you put the swingline on your back into a downtrend you have lower highs lower and lows until today's highest taken out of 8 what was that the high was 846 and a half this markets back into the selling pressure game if you take a look at the 18 day average of closes just go to yesterday's tape we were talking about it that's the battleground and the market was unable to clear a previous high I think the Bears now grab the control again and I'd be prize that they don't try to wrestle that control at that 18 day average should the market fall one of the potential targets could be the lower Bollinger Band or if you recall this market fell hard bounced up to the 18 day average and it's hanging there even if today's high has taken out because we took out the lows of two days ago you could not turn the swing line up so bears bias down trend down and if you look at momentum it's stopped pointing to the upside it's sort of fallen now into the sideways action when we go to the meal market same type of action outside day down which means lower highs lower and lows if I take off today's action you can see how this markets been playing at the 18 day average and today's sort of did it in so will that will the sellers come out at the 18 day average is a question momentum flat bias down trend down soybean oil join the parade baby lower highs lower and lows market hasn't yet turned the momentum flat it is still it's arcing that way but not quite there but the trend is down so until today's highs and oil meal and beans are taken out the Bears wrestled control of the market back in the corn market you've had this monstrous vertical rally going from 343 up to today's high of 399 now there's nothing magic about the $4 mark other than it's an even money mark is that enough to get the farmers to be selling in hedging their crop and maybe buying crop insurance a by buying calls against those positions on the camp that that's what is possibly happening here I look at four days in a row up and over the upper Bollinger Band you're stretched out I give the market about a percent chance tomorrow staying over that number doesn't mean it's bearish it's simply means I think you're going to move to the right hand side in the wheat market resistance is showing up right here at the 18 day average of I'm sorry the hundred day average of closes the green number you got to that number yesterday you are over the upper Bollinger Bands you got to it again and today you settled back closing for 78 and 3/4 just over the upper Bollinger Bands he got one two three days in a row I believe that you're over it on this day we finished out at 467 which was also over that number so we're in that category where this market like corn has stretched out it's starting to see some resistance it never has embedded if it starts turning down here you can get a bit more of a correction sugar market let's take a look at what we talked about would this market with the embedded reading be able to make it back down to the Bollinger Band the trend lower highs lower and lows gets down to that number today gets through it by two ticks explodes back to the upside ending a lot of things number one the pattern is broken of lower highs lower and lows number two you lost the embedded reading that puts in the plate price and the possibility of price trying to get back to that 18 day average to figure out what to do from there the coffee market a strong strong performance day now each time you've tried to play the long side for the longest period of time I can go back it's off the chart so it goes back to the beginning of the year this market has failed to reward the Bulls is this the time that it will until today's low is taken out you've turned the pattern of up now up to higher lows higher highs you've put in the play the upper Bollinger Band which hasn't been hit since February that would be a sign that this market may have worn out at stay to the downside momentum up and not overbought bias up in the cocoa market if you'll take a look at yesterday you had that big reversal it puts in the play the possibility that you're gonna get to that Bollinger Band trend up higher lows higher highs you went through that band a little bit we stay over it's the question wouldn't be surprised to see it pull back but you're out of your downtrend in the markets defining at least for the moment it is in an uptrend you have two layers of support the 18 day average and the hundred on the way back down in the cotton market you lost the embedded reading now you lost reading really yesterday and you kept it lost today the question is can price in the 18 day average make a run at each other what bothers me is they're so far apart 400 points normally they're closer than that if that rule is gonna take hold I don't doubt my rule so until the market takes out the most recent low I say that it's trying to set in place a further gain is the trend up not really well the swing line is up you're under the 18-day average so the bias is down the most important part to me is you lost the embedded reading which means you're oversold down here and could rally over time a bit more in the cattle market the Bears made their play today what they did is they held the market against the 18 day average the market if it had gotten over this 109 seventy seven and a half level it could have turned the trend up instead of doing that it kept the trend down now until today's high is taken out you've got lower highs lower and lows there's a but here the but is you notice this 27 reading on the stochastic means you're very oversold so be very very cautious markets to get new sell signals in oversold territory when you have divergence it's still oversold but momentum is pointing up don't know what to do we have a big cattle on feed report coming out shortly maybe that's what the market is doing setting itself up for in the meantime feeder cattle issued again lower highs lower and lows the trend is back down you'd have to take out 140 605 to break that and like the fat cattle you can see that the market is still in an oversold territory and in the hog market how many days are we gonna have this battle right against the 18 day average we're there you keep failing you get up over it you pull back it's not following through one way or the other so something I always look at you know one of the things I do is I offer a lot of research to you to my paid subscribers and other people customers obviously and how I started off is in the morning I start off with the video I record 40 futures charts with 5 ETFs and I am able in that unlike here instead of talking generality by here sell their do this I couple that with twice daily written updates now it's a lot of commentary and the commentary is not book like I'm not interested in writing a 6 page market letter I want to write and give you an idea what I see happening in the market what I think you pay attention to now what's moving the market and for tomorrow or the next part of the current day situation because I write one at 11:30 in the morning what I think is at hand how to handle it I also put in their written trade recommendations not as many as I put in my video in the morning because that's meant for the more aggressive in and out trader how do you get to see this to see what I'm talking about well you can call my staff that's the best way but you can go to our website sign up for it there it's free give yourself a trial with it if you haven't had one before click up here if you'd like that'll take you to that page as well and from there if you're sign up for that and anything else you like I my reps teen you have a good day and I'll see you tomorrow

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