January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago.
The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending.
Current weather conditions are supporting cocoa prices. Rain in key growing regions could cause supply issues.
December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.
Every minute of every trading day, trading signals are assessed on a portfolio of 30 futures markets and tracked in a very high level of transparency and accountability.
Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.
November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend.
Oliver Sloup from BlueLine Futures breaks down the livestock futures markets in his weekly "2 Minute Drill".
There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.
Soybeans tried to rally yesterday on the back of the recycled headline: “Renewed Trade Optimism”, but ultimately failed to hold those gains through the floor open.