Yesterday’s weekly Crop Progress report showed that corn harvest is 84% complete, 1% behind expectations and 11% behind the 5-year average.
February live cattle futures crashed lower on Friday, testing and holding support pocket from 123.125-123.40. Yesterday they erased all of Friday’s losses and at one point erased all of Thursday’s too, testing a resistance pocket from 125.775-126.30.
January soybean futures had a technical breakdown last week after reports of the Phase 1 trade deal being delayed, this shouldn’t come as a big shock.
Oliver Sloup breaks down the trading day before WASDE report in grain futures markets.
January soybeans broke lower yesterday on bearish headlines around trade with China
February live cattle started the day under pressure but caught a bid, midday as the cash trade started to pick up. It started with the Fed Cattle Exchange which sold 283 at an 116 weighted average.
December corn futures were able to find some footing yesterday with help from a flash sale of 191,000 metric tons of corn to an “Unknown” destination.
February lean hogs continued their slide lower today as the market threatens to close the gap from September 11th, which comes in from 67.825-68.525.
January soybeans broke down on Monday and spent the rest of the week consolidating as market participants searched for new news to offer more conviction in the direction of the market. With harvest nearing 90% complete, headlines will largely be on the progress, or lack thereof, on the U.S. and China trade talks.
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.