Looking at the December cocoa chart, two stories are being told – a supply and demand battle, and technical levels are guiding prices.
November soybean futures retreated yesterday as recent buyers started to take some profits. As with corn, attention will start to shift back to weather and harvest reports over the coming weeks.
With the quarterly stocks report behind us, attention will turn back to weather and yield reports from the field. We remain optimistic on prices,
Every minute of every trading day, trading signals are assessed on a portfolio of 30 futures markets and tracked in a very high level of transparency and accountability.
December corn futures took off yesterday following a bullish USDA report. The USDA showed quarterly stocks at 2.114 billion bushels, right on the bottom end of estimates.
Lean hogs started the day with a gap lower on what was thought to be a bearish Hogs & Pigs report on Friday.
December cocoa futures are sitting on support. 2455 has held multiple times on the chart and has helped the contract recover back to the 2550-2600 range.
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.
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.
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.