Soybeans have seen a choppy overnight session, trading both sides of unchanged. Phase-1 is officially underway, a silver lining. The bulls will want to see a weekly export business increase in the coming weeks as verification that Phase-1 holds more hope and not just hot air.
This marks the S&P 500 fourth straight session and more impressively the NASDAQ’s ninth with record overnight highs. The combination of central bank liquidity, ultra-low/negative rates, lack of negative news and a warrior of a U.S consumer has fueled this market in recent days.
April lean hogs retreated yesterday but fell short of falling apart. The volatility (up and down) creates an emotional and irrational trading environment, so consider reducing your “normal” position sizing.
Corn futures managed to rally on Friday, putting prices in positive territory for the week. Friday’s Commitment of Traders report showed funds sold 26,655 contracts through February 4th, extending their net short position to 52,045.
Lean hogs found some relief on Thursday and Friday, but there is still significant damage to repair on the chart. The volatility (up and down) creates an emotional and irrational trading environment, so consider reducing your “normal” position sizing.
It’s Jobs Friday and Nonfarm Payroll strong at 225,000. U.S benchmarks are incurring a healthy downtick ahead of the report. Some selling pressures are due to the mounting Coronavirus numbers, but others come as Germany’s economic data echoes a recession.