Corn futures broke lower yesterday after failing to find a bullish fundamental catalyst in USDA report. We look to buy with the expectations that we see a technical double bottom and then demand shift by the turn of the year.
Yesterday’s USDA report lived up to the expectations, a total snoozer.
If you are in December hog futures, you will want to roll by the end of the week, if you have not already. February lean hogs started the week on softer ground but managed to defend the bottom end of the recent range, 65.40-66.50.
An update on agriculture futures markets to start the week from Blueline Futures.
Oliver Sloup breaks down the trading day in grain futures markets.
January soybean futures managed to rebound yesterday on positive trade headlines and technical relief.
February lean hog futures caught a big bid today, erasing all of yesterday’s losses. The market has seen three day stretch of volatility while remaining range-bound, perhaps we see will this setup for a breakout or a breakdown.
January soybeans closed lower for their 8th consecutive session on the back of fund selling and negative reports on trade with China. President Trump stated that it may be better if they wait to make a deal after the 2020 election.
February lean hogs gave back Friday’s gains as prices retreated to their lowest level since August 7th, holding on to our technical support pocket which we had defined as 65.45-55.05.
Wheat futures caught a bid on Friday on decent volume and many reporting concerns over winter weather sweeping through the Midwest. The fundamentals are relatively mute in wheat as it appears money flow and technicals are the driving factors near term.