Livestock markets were all over the place yesterday as rumors of additional plant disruptions circulated, ultimately leading to selling pressure in the final minutes of the session.
While market participants see nothing but bad news while the market is closed, we were able to chew through that bearish sentiment and saw a more constructive trade yesterday.
Corn futures spend the majority of last week’s trade consolidating, with little new news to break the market lower or spark a short-covering rally.
Plant disruptions and a continuous flow of bad news weighing heavy on the livestock markets.
orn futures traded to new contract lows yesterday on the back of a technical breakdown and as expected, another poor ethanol report.
Cattle futures have been mostly untradable for the past month though yesterday’s session provided some great intraday opportunities.
Corn futures moved higher while May contracts for Soybeans and Chicago Wheat consolidated ahead of Thursday's report.
The May cocoa futures contract uptick may be short-lived.
We got through what has been the hardest day of each week for the past several weeks, Monday. We got a string of bad news over the weekend with regards to reduced capacity at a handful of packing plants through the Country.
Covid-19 concerns continue to move the livestock futures market from bad to worse