January soybeans broke down on Monday and spent the rest of the week consolidating as market participants searched for new news to offer more conviction in the direction of the market. With harvest nearing 90% complete, headlines will largely be on the progress, or lack thereof, on the U.S. and China trade talks.
Both the S&P and NQ set fresh record highs ahead of President Trump’s address at the Economic Club of New York. However, his comments lacked the positive jawboning on U.S-China trade that was expected and price action dissipated into the afternoon.
December live cattle started the week under moderate pressure but were able to defend the lower end of last weeks trading range, 118.20-118.525. So long as the bulls continue to defend this pocket, they remain in clear control.