The MarketWatch Update
By: US RJO - Scott Magnuson, CTA, Analyst
June 8, 2026
Dizzying Isn't It!!!
If you stare at it long enough you'll see a vision of the Virgin Mary! (...'some say') What a tedious weekend to get through and it still ended with fireworks and Presidential F-Bomb ladened rebukes! Not that the media will dare report on that... 'sources say'! Take a breath and proceed with caution!
Today’s Market News and Trading Highlights
Welcome back my friends to the show that never ends... alright here we go again .... .. / - .... . .-. . Mideast conflicts can still be counted on for their historic Biblical scale lessons and reflections on our ever diverse global race as a species...
Remember: This week, SpaceX is coming to an IPO reality near you and so too is 'Disclosure Day'. Someone please explain to me how that is just a mere coincidence...
We're in for a 'Theatrical Week' fella's... do we really need more drama?
Today was all about the weekend IsraeIran hostilities, metals melting to monthly lows, and the spreading livestock health crisis in the US. (or NOT... ) We're sellers after today!
Precious metals extended a massive selloff following last Friday's blockbuster jobs report, which raised expectations that the Fed will begin the new tenure of incoming Chair Walsh, with some friendliness for the Hawks that seem to be building nests already for later this year.
Riddle me this Batman: COMEX gold dropped to $4,300 today, marking its lowest level of the year and closing below its 200-day moving average for the first time since late 2023. (It did rebound to new historic highs after that, just to say. So stay tuned and remain 'objective' and ANTICIPATE. What's next?
Here's the kicker folks... the People’s Bank of China just reported its largest monthly gold purchase since 2024 on this pullback... "to support demand". That's cattle pie bullpucky! Central banks are still buying the dips and they are not changing strategies. Just a little more visible right now. And for all the right reasons too...
And now introducing: Screwworm Outbreak Hits Texas
The USDA confirmed two additional cases of New World Screwworm in Texas, triggering a sharp selloff in the livestock sector today... now here's a story for you!
It's treatable in the U.S. and does not affect the overall beef production itself. However, it does raise production costs for ranchers already struggling to rebuild the domestic beef herd—a significant spread of the disease would likely make that even more difficult.
In that situation, the underlying tight supply story remains present.
The only real bearish concerns would be if widespread news coverage and salacious headlines lead to consumer fears that lessen domestic beef demand, which feels unlikely given ongoing dietary trend shifts, and major corporate marketing efforts to influence more burgers and fry sales.
Next up would be any hints coming our way of a reopening of the Mexican border to feeder cattle imports due to the disease now being present in the States.
Seems like weak justification but here in the US we apparently know how to eradicate it this problem if we're on it Pronto!
The Board's Corn and Soybeans hovered near monthly lows due to an appreciating dollar and highly favorable growing conditions across the Midwest, (thank you Lord) ensuring comfortable supplies.
And it's really interesting to note that we did see USDA announce flash sales of 264,000 metric tons (that's about 10 million bsh'ls guys) of new crop Soybeans to 'unknown' destinations this morning—
C'mon... wink, wink, nod, nod... know what I mean? This just could get the rumor mill going for sales to China this week... we'll see. Consider the Cattle Sale strategy right below...
(source contributors: Reuters, Bloomberg, WSJ, St n X- MI, AP, BBC, LME, CME Grp., ICE, FCL Ltd. CNN)
Tomorrows Key Trading Reports
There are no Key Reports scheduled for release during Monday's market session.
(source: Briefing Data Svc)
New Trading Suggestions
The Live Cattle story right now appears to be nothing more than 'noise' on the floor for lack of better things to talk about. And that can certainly cause significant price swings, especially if managed money length gets scared and continues to bail out of the market.
But the longer-term fundamentals don’t appear to be much changed just yet. Perhaps the more notable thing to keep an eye on are the potential signs of consumer stress being seen in the cutout markets. This is the boxed beef values that represent the entire carcass, priced at both the primal and subprimal cut up values that go out to the consumers.
With the usual seasonal uptick not materializing thus far this summer, and consumers appearing to shift demand to lower-value cuts, it could have a near term influence and bring about lower prices beyond today's lows. Sell the rallies is the prevailing opinion...
Consider selling the August Live Cattle at 240.00 OCO 236.00 SCO day order only. (your broker will be able to handle a stop-close-only for you as a part of their full-service duties). If filled risk to 242.40 initially. First objective is 232.00.
Live Cattle Weekly View basis August Contract
(chart graphics: ICE Data Svc's-FS, Bloomberg, FCtL Ltd, Reuters, CQG)
* * * * *
Current Open Trades and Position Management
We added to our long position in the October Sugar from 15.10 today at 14.70 for a position average of 14.90. Move your protective sell stop at 14.30 to 14.48 as a stop-and-reverse order GTC. This reduces the initial risk to 48 pts per position and if elected begins a new short position at 14.48 per one lot. If that isn't filled during Tuesday's market session, first long objective remains a close over 15.45.
Market Watch-List of Developing Opportunities
Dec Corn, July Cotton, July Copper, July Cocoa
________________________________________________________________________________
Scott Magnuson, CTA : 888.861.1755
scott.magnuson@stonex.com
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