If you are in December hog futures, you will want to roll by the end of the week, if you have not already. February lean hogs started the week on softer ground but managed to defend the bottom end of the recent range, 65.40-66.50.
February lean hog futures caught a big bid today, erasing all of yesterday’s losses. The market has seen three day stretch of volatility while remaining range-bound, perhaps we see will this setup for a breakout or a breakdown.
January soybeans closed lower for their 8th consecutive session on the back of fund selling and negative reports on trade with China. President Trump stated that it may be better if they wait to make a deal after the 2020 election.
Wheat futures caught a bid on Friday on decent volume and many reporting concerns over winter weather sweeping through the Midwest. The fundamentals are relatively mute in wheat as it appears money flow and technicals are the driving factors near term.
Futures continued to tumble on technical weakness and favorable weather in South America, which is expected to have a big crop. There have been some whispers from an analyst at a large bank that a Phase 1 trade deal could get done over the weekend.