September Cocoa managed to hold support near 3160 and closed $12 higher for Tuesday’s session, but also stayed inside of Monday’s trading range.
Traders that I work with will be watching 158.250 as a key resistance level for October Live Cattle today, with 157.25 potentially a support level on the downside.
Global equity markets begin the new trading week on the defensive, with a number of geopolitical headwinds curbing risk-taking sentiment.
This morning’s US economic calendar starts with private industry data on July consumer sentiment, which is expected to have notched fractionally higher than the 82.5 print in June.
The cattle market closed moderately higher yesterday to recover all of Monday’s losses. The hog market closed slightly higher on the session yesterday after choppy and two-sided trading and so far today it is trading down about a half cent at 130.250 for the August contract.
The September S&P 500 enters the new trading week at its highest level in four-sessions, helped by a positive shift in outside market sentiment in favor of the bull camp.
August Natural Gas prices meandered higher during the initial morning hours as it tried to consolidate the latest downdraft. August Crude Oil prices began the Thursday evening hours with a gap lower open and…
The theme for the soybean market remains bearish and unchanged as we start a new trading week. Record acreage and a nearly ideal weather forecast for the next two weeks are very bearish forces, and….
The USDA reports point to some very bearish supply fundamentals ahead as the market faces a record US crop… Another day of long liquidation and short-selling hit the soybean market yesterday as weak longs finally threw in the towel after a game-changing report on Monday.
The September S&P 500 trended lower during the overnight and initial morning hours, I think the main part of that weakness coming over slowing US growth prospects. This soft tone could be getting some added play with ongoing conflict in Iraq and Ukraine.