Market Analysis

Chicago wheat futures staged a huge rally last week, much of that on the back of technical short covering. Friday’s Commitment of Traders report showed funds bought 8,573 contracts, trimming their net short position to 10,564 contracts.
The oil market has some big shorts to deal with. Bloomberg News reports that the short position in WTI has almost tripled since mid-September. Still, overnight oil is lacking conviction in two-sided overnight trading with more downticks than up.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
Cocoa has been a macro trade of late. The December contract is range bound in this recent consolidation.
Very little has changed in crypto markets over the last 24hrs with bitcoin (BTC) continuing to consolidate around USD 8,000. If there's anything to point out, monero (XMR) is up over 10% ahead of protocol upgrades tentatively scheduled for October 24.
U.S benchmarks are shaking off weaker than expected China GDP from last night, the worst in nearly 30 years. Coming in at 6.0% versus 6.1% expected, it’s an ever-present headline reminder of the deteriorating growth conditions around the world.
The Soybean market tried to run higher yesterday but fizzled out into the close. The lack of bullish headlines and harvest has kept a lid on things through the week.
The U.S. refining system sunk deeper into hibernation as the Energy Information Administration reported that U.S. refineries fell to only 83.1% of their operable capacity last week, the lowest level since 2017.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
Oliver Sloup breaks down the busy day in grain futures markets. Corn futures traded down -14 cents and Soybean futures traded down -1.25 cents after the WASDE report.