Agriculture

Corn futures managed to rally on Friday, putting prices in positive territory for the week. Friday’s Commitment of Traders report showed funds sold 26,655 contracts through February 4th, extending their net short position to 52,045.
April live cattle failed to find their footing, cutting against our thesis that the outside markets stabilizing would offer more support to the market.
Soybean prices rallied yesterday, much of which was on the back of technical relief. Outside markets have stabilized as concerns over coronavirus ease, spilling into support for commodities.
Soybeans managed to rally yesterday on technical relief and good export inspections, 1,356,000 metric tons. Reports that China is seeking flexibility on trade targets amid coronavirus added a wet blanket on things midday.
Lean hogs were mixed to start the day with headlines suggesting China was seeking leniency on the Phase-1 agreement due to the coronavirus outbreak, halting an attempt at a meaningful relief rally in the front months.
Soybeans felt the heat into Friday’s close as coronavirus uncertainty and fears led to a risk-off trade ahead of the weekend. Not a lot of new news over the weekend has led us to a choppy overnight trade.
The soybean futures market is making new lows as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature.
Livestock futures were under pressure yet again in yesterday’s session as the risk-off mentality came back into play. After the livestock markets closed, the outside markets stabilized with stocks rallying as much as 2% off the lows.
Soybean futures market is making new lows for the move in the early morning trade as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature.
Concerns about the coronavirus have affected the equity and futures markets. Asian demand for Cocoa has come into play. If this virus affects exports in large grinding nations, Asia specifically, we can see prices continue to move lower.