Market Analysis

A quiet overnight session and a muted day session saw futures drift higher on a lack of economic numbers as traders look forward to the end of the week. The focus seemed to be on adding to or establishing dovish positions.
U.S benchmarks are holding ground at unchanged after an exuberant three-day run to a strong wave of resistance; this is just about all the bulls can ask for at the onset of U.S trading hours.
Friendly start to the Pro Farmer crop tour. The weekly crop progress report was released yesterday afternoon, showing the U.S. corn conditions at 56% Good/Excellent, down 1% from the previous week and 2% below expectations.
Oil is stuck in a big trading range. A range we expect will eventually lead to an upside breakout. We believe that because U.S. oil demand is near record highs, crude supply will fall below the average range in just a few weeks and that U.S. crude production numbers are too optimistic and weak demand projections are too pessimistic.
Crypto activity is once again quiet. Price action over the weekend was generally positive after Bitcoin successfully defended the psychologically important USD 10,000 level last week.
Eurodollar interest rate futures and options market daily recap.
U.S benchmarks are off to a strong start this week. One is welcome to credit this action to hopes on U.S and China trade negotiations, however, the move began after pinging major three-star support on Thursday and the reversal is much broader.
November soybean futures tried to gain ground early last week but failed to attract new buyers near the psychologically significant $9.00 handle. We saw several headlines that had a positive spin, all of which were sold into.
Geopolitical risk is still out there and OPEC delivered a downbeat oil market outlook for the rest of 2019.
Futures Magazine prepares traders for the week ahead in the markets with a list of events to watch.