U.S benchmarks are on the positive side of flat this morning with Thursday’s ECB interest rate decision and U.S CPI data looming. First, price action spiked late last night after China published a list of products that won’t be subject to the 25% tariff.
U.S benchmarks have edged ever so slightly lower since yesterday’s peak. Major three-star support has buoyed the tape and although we’ve seen worsening economic data from China and Japan overnight, both the poor PPI and Machinery Orders respectively were anticipated.
It has been a race to zero between cash cattle and the board, yesterday cash made another big drop with reports of 96 in the South and 97 being paid in the North by a major.
December corn futures marked new contract lows last week and finished near the low end of the week’s range. The technicals remain extremely weak, but bulls are hopeful that this week’s fundamental calendar will start turning the tide.
U.S benchmarks are holding at the highest levels in more than a month. Friday’s Nonfarm Payroll report was mixed and despite heightened anticipation as usual, stronger than expected wage growth did not sour the week’s strength. Traders and investors alike continue to hold high hopes for U.S and China trade talks.
Soybean futures got smoked yesterday, finishing the session down 12 ¾ cents. Much of the pressure was technical in nature, but also due to decreased concerns of an early frost.
U.S benchmarks are looking to secure a weekly breakout from a month-long range. Risk-sentiment was boosted yesterday as the U.S and China jawboned an October meeting.
December corn futures made new contract lows for the second straight day as the technical landscape remains bleak at best. Fundamentals not much better.
U.S benchmarks are roaring higher on news the U.S and China will meet in early October. With a firm tape in the front half of the week, we don’t believe this sole piece of news is the ultimate catalyst for the rip.
