It has been a race to zero between cash cattle and the board, yesterday cash made another big drop with reports of 96 in the South and 97 being paid in the North by a major.
December corn futures marked new contract lows last week and finished near the low end of the week’s range. The technicals remain extremely weak, but bulls are hopeful that this week’s fundamental calendar will start turning the tide.
After four positive trading sessions this week in the December Cocoa futures, the contract took a pause and pulled back to the 2230 support level Thursday. Although most signs point to the potential of more upside, 2280 provided resistance technically. During Friday’s morning trading session, we saw this level hold again.
Soybean futures got smoked yesterday, finishing the session down 12 ¾ cents. Much of the pressure was technical in nature, but also due to decreased concerns of an early frost.
December corn futures made new contract lows for the second straight day as the technical landscape remains bleak at best. Fundamentals not much better.
Corn futures broke to new contract lows yesterday in a fairly quiet/slow trading session.
Live cattle futures traded to firm up but ended the session near unchanged after trading on both sides. We continue to question the value in front-month futures.
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December corn futures finished Friday's session on softer ground, spilling over into early morning weakness to start the new month. We are taking the light volume overnight/early morning trade with a grain of salt, as usual.
Cooler weather continues to be a concern for the late-planted crop, if it stays in the forecast through the weekend, we would expect to see more premium come into the market.