Commodity

March soybean futures broke lower yesterday on what was largely technical selling. Yesterday’s weekly export inspections report came in at 1,199,000 metric tons, this was at the top end of expectations.
February live cattle traded in its tightest range in some time, leaving us little changed (again) on the technical landscape. Resistance remains intact from 127.225-127.90, above there is uncharted territory.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
Each afternoon Ira Epstein gets you up to speed on what happened in the metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.
Last week’s signing of Phase-1 was a classic buy the rumor, sell the news response. The substance in the trade deal remains suspect in our eyes. China has stated several times that imports will be based on market conditions, ie: supply/demand and price (same as before).
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
Soybean futures continued to roll over on a continuation of the “buy the rumor, sell the news” reaction. On top of the dwindling good news, there was some bearish news coming from South America,
Grinding data this week has cocoa futures testing highs from 2018. The March contract reached 2729 on Thursday. Asian demand increased and provided market support – leading to more speculative buying.
Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.
In yesterday’s report we wrote: “It will be nice to get some clarity on the “trade deal”, but I wouldn’t hold your breath for something magical to happen.