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.
December corn futures had an impressive run to start last week’s trade, ending with a healthy pullback off technical resistance. All eyes this week will be on Thursday’s WASDE report.
Soybean futures started strong yesterday on a great export sales number, 2,076,200 metric tons. Technical resistance was too much and profit-taking brought prices back into negative territory.
November soybean futures retreated yesterday as recent buyers started to take some profits. As with corn, attention will start to shift back to weather and harvest reports over the coming weeks.
Yesterday’s S&P 500 bloodbath is trying to stabilize, and price action is modestly higher at best. Economic data is in focus early and it was a bleak start after European Services and Composite PMIs came in below expectations.
