The rally in Cocoa futures higher this week is all technical. Once 2560 price level broke, 2600 was the next price level traders needed for the market to close above.
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”.
What a resilient market. From domestic drama in Washington to a dissipating interim “Phase One” trade deal and we still have a fresh record closing high on our hands.
Both the S&P and NQ set fresh record highs ahead of President Trump’s address at the Economic Club of New York. However, his comments lacked the positive jawboning on U.S-China trade that was expected and price action dissipated into the afternoon.
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.
U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CST .
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....
China’s Foreign Ministry announced yesterday that the two sides would agree to roll back tariffs in phases upon signing an interim “Phase One” trade deal. The headlines sound very copasetic, right? The only problem, the U.S had not confirmed this “great news”.
Oliver Sloup breaks down the trading day before WASDE report in grain futures markets.
The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.