January soybean futures had a technical breakdown last week after reports of the Phase 1 trade deal being delayed, this shouldn’t come as a big shock.

Considering the smoke in mirrors jawboning we’ve become accustomed to over these last two years of negotiations, although for face value China’s announcement is a considerable positive, we must still take it with a grain of salt until there is further proof.

Oliver Sloup breaks down the trading day before WASDE report in grain futures markets.

January soybeans broke lower yesterday on bearish headlines around trade with China

February live cattle started the day under pressure but caught a bid, midday as the cash trade started to pick up. It started with the Fed Cattle Exchange which sold 283 at an 116 weighted average.

December corn futures were able to find some footing yesterday with help from a flash sale of 191,000 metric tons of corn to an “Unknown” destination.

U.S futures benchmarks are experiencing the healthiest of healthy pullbacks. Price action slipped from record highs early yesterday in this low volume environment.

February lean hogs continued their slide lower today as the market threatens to close the gap from September 11th, which comes in from 67.825-68.525.

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.

Oliver Sloup breaks down the trading day in grain futures markets.