Agriculture

We got two new headlines last night, one that said the U.S. would delay the increase in tariffs until October 15th. The other was that Taiwan would step in and buy 3.6 billion dollars in American agricultural products.
December cocoa futures are attempting to rally but technically 2300 continues to be a level of resistance. Today’s close, above the 9-day moving average, should trigger follow-through on this recent move higher.
Grain trader's attention will now turn to Thursday’s USDA report. Bolton fired and the next headline that says the US and China will be meeting to discuss trade (which is inevitable) will suddenly carry a little more weight.
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Grain trader's attention will now turn to Thursday’s USDA report.
It has been a race to zero between cash cattle and the board, yesterday cash made another big drop with reports of 96 in the South and 97 being paid in the North by a major.
December corn futures marked new contract lows last week and finished near the low end of the week’s range. The technicals remain extremely weak, but bulls are hopeful that this week’s fundamental calendar will start turning the tide.
After four positive trading sessions this week in the December Cocoa futures, the contract took a pause and pulled back to the 2230 support level Thursday. Although most signs point to the potential of more upside, 2280 provided resistance technically. During Friday’s morning trading session, we saw this level hold again.
Soybean futures got smoked yesterday, finishing the session down 12 ¾ cents. Much of the pressure was technical in nature, but also due to decreased concerns of an early frost.
December corn futures made new contract lows for the second straight day as the technical landscape remains bleak at best. Fundamentals not much better.