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
May corn futures made several attempts to rally last week but failed to hold those attempts through the close, which has kept the funds comfortably short. Friday’s Commitment of Traders report showed funds net short position at 99,925 contracts.
Corn futures caught a midday bid yesterday on the back of oil prices surging as much as 30%. President Trump tweeted that Russia and Saudi Arabia had open lines of communication regarding a production cut of 10-15 million barrels per day.
Cattle futures turned lower and didn’t let up, finishing the day locked at the expanded limit. Live cattle remain in expanded limits, 4.50. Feeder cattle are in expanded limits 6.75. Cash cattle started to pick up yesterday, the bulk coming in near 112.