December corn futures have been trading sideways for the better part of the last two weeks as market participants continue to wait for new news and clarity.
U.S benchmarks are working higher from Friday’s trade scare. It was reported the White House is considering both delisting Chinese companies from U.S stock exchanges and imposing restrictions on U.S investments in China.
Corn Export Sales came in at a disappointing 494,000 metric tons. That coupled with some position squaring ahead of Monday’s quarterly stocks report and the end of the month brought prices back near technical support.
U.S benchmarks have been working higher since the opening bell swoon yesterday and since price action Wednesday morning held the overnight low; the range has been about 1% and gyrating higher with 3000 broadly acting as a psychological ceiling.
Soybean Export Sales came in at 1,038,000 metric tons, another strong number. This is the second week of strong numbers in Soybeans, but three makes a trend.
Fundamentals: U.S benchmarks snapped back yesterday, even as the impeachment “inquiry” on President Trump heats up. This would confirm the market is more dependent on the near-term on the U.S and China trade narrative.
Corn futures gained some strength yesterday, in part to a sale of 200,000 metric tons to Mexico. Money flow and technicals remain friendly, outside of that there is little new news to report.
U.S benchmarks finished lower yesterday, the S&P lost 0.9% and the NQ 1.5%. Selling pressures picked up as a divided country reaches a pinnacle and amidst stern comments by President Trump on trade. House Speaker Nancy Pelosi opened an impeachment “inquiry” on President Trump.
Livestock futures gapped higher to start the week, this on the back of a friendly cattle on feed report and a revision to Friday’s headline suggesting China canceled the U.S. farm field trip.
