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.
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.
Crop Progress showed good/excellent ratings at 57%, up 2% from expectations.
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.
November soybean futures broke down on Friday on fears that the U.S. and China trade talks broke down. It was reported that China canceled its U.S. farm visits, but new reporting suggests the cancellation came from the U.S. side.
The market has very little weather premium built into the market as forecasts look non-threatening.
December corn futures were able to recover from early weakness in yesterday’s session as money flow and technicals continue to look constructive.
April live cattle managed to work back towards yesterday’s/last week’s highs, just shy of 116.