Live Cattle futures made closed at the highest level in nearly a month as we continue to move past the peak panic stage of Covid-19.
Corn futures are softer to start the week on the back of good weekend weather, one of the main reasons we recommended selling last week’s midweek rally ahead of the weekend.
Over the past month, pre-market livestock markets are often quoted as limit-up or limit-down, altering early-morning order flow.
July Corn future retreated yesterday while Wheat futures drifted lower
August Live Cattle futures responded well to Friday’s Cattle on Feed report in yesterday’s session.
In a normal market environment this would be a very bullish Cattle on Feed report, unfortunately we are in anything but a normal environment, so it’s taken with a grain of salt.
Lower highs for Corn futures last week while July Wheat futures broke down on Friday.
Rumors have been swirling that China was in the market for some big corn purchases. That, coupled with today’s option expiration has provided support in prices over the last few sessions.
Cocoa futures have some fundamental news this week that normally would be strong enough to move the contract.
June Live Cattle future took some heat yesterday but manage to close off the lows; Aug. Feeder Cattle managed to rally into the afternoon session.