Yesterday’s weekly Crop Progress report showed that corn harvest is 84% complete, 1% behind expectations and 11% behind the 5-year average.
January soybean futures had a technical breakdown last week after reports of the Phase 1 trade deal being delayed, this shouldn’t come as a big shock.
Oliver Sloup breaks down the trading day before WASDE report in grain futures markets.
January soybeans broke lower yesterday on bearish headlines around trade with China
December corn futures were able to find some footing yesterday with help from a flash sale of 191,000 metric tons of corn to an “Unknown” destination.
January soybeans broke down on Monday and spent the rest of the week consolidating as market participants searched for new news to offer more conviction in the direction of the market. With harvest nearing 90% complete, headlines will largely be on the progress, or lack thereof, on the U.S. and China trade talks.
Oliver Sloup breaks down the trading day in grain futures markets.
January soybean futures were making a push higher into the final hour of trade but hit a snag when reports from Washington said “US-CHINA TRADE TALK HIT SNAG OVER FARM PURCHASE”.
Corn futures were softer to start the week as market participants continued to digest Friday’s delayed WASDE report. The delay provided a pop from algo buying but was short-lived as participants realized it wasn’t a bullish report.
Corn drifted lower yesterday on another lackluster export sales number, 487,900 metric tons. This was up from the 4-week average and within the range of expectations, but the bull camp NEEDS to see....