We got through what has been the hardest day of each week for the past several weeks, Monday. We got a string of bad news over the weekend with regards to reduced capacity at a handful of packing plants through the Country.
May corn futures made several attempts to rally last week but failed to hold those attempts through the close, which has kept the funds comfortably short. Friday’s Commitment of Traders report showed funds net short position at 99,925 contracts.
Corn futures caught a midday bid yesterday on the back of oil prices surging as much as 30%. President Trump tweeted that Russia and Saudi Arabia had open lines of communication regarding a production cut of 10-15 million barrels per day.
Cattle futures turned lower and didn’t let up, finishing the day locked at the expanded limit. Live cattle remain in expanded limits, 4.50. Feeder cattle are in expanded limits 6.75. Cash cattle started to pick up yesterday, the bulk coming in near 112.