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.
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.
December live cattle started the week under moderate pressure but were able to defend the lower end of last weeks trading range, 118.20-118.525. So long as the bulls continue to defend this pocket, they remain in clear control.