Corn futures saw another round of profit-taking yesterday, spilling into the overnight and early morning session. In yesterday’s report, we wrote: “We remain optimistic on prices but continue to feel a pullback/cleanse would be healthy for the market.
U.S benchmarks have been subdued just slightly from yesterday’s exuberance. Strong earnings, solid economic data and formidable Brexit framework all lifted the S&P by 1.1% and the NQ by 1.3%.
Oliver Sloup breaks down the busy day in grain futures markets. Corn futures traded down -14 cents and Soybean futures traded down -1.25 cents after the WASDE report.
U.S benchmarks are surging into U.S hours Friday in hopes of an interim trade deal. President Trump has lauded progress between high-level delegates and is set to meet Vice Premier Liu He today before the closing bell.
December corn futures printed their highest price since August 12th (USDA report day) as funds continued to cover short positions ahead of tomorrow’s WASDE report and the looming freeze/snowstorm.
The revolving U.S and China trade headlines continue and just like that the S&P was nearly 2% off last night’s low. China said Monday it would never consider changes in intellectual property laws and yesterday the U.S blacklisted 28 Chinese companies.
December live cattle managed to work into our resistance pocket today, we have defined that as 111.175-111.50, this pocket represents previously important price points, including the gap from August 9th.
