Market Analysis

After four positive trading sessions this week in the December Cocoa futures, the contract took a pause and pulled back to the 2230 support level Thursday. Although most signs point to the potential of more upside, 2280 provided resistance technically. During Friday’s morning trading session, we saw this level hold again.
Crypto is higher this morning. Volumes are generally up from the last week of August but remain below the 30-day average.
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.
Oil prices gave up some of its fundamental strength after a very bullish Energy Information Administration (EIA) supply report on fears that Hurricane Dorian will adversely impact oil demand as we head into refinery maintenance season.
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.
Futures hit their lows early in the overnight session on trade war news and traded sideways until a strong ADP number moved them lower.
Crypto is on balance lower this morning. Volumes are declining with 24-hour activity in the range of 60% of what it was this time yesterday.
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.
Oil prices want to rally on scheduled U.S. China trade talks but are hesitant to add to yesterday’s gain after a bearish American Petroleum Institute (API) report.