Global markets are trading lower as Chinese GDP data came in lower than expected. Investors have interpreted this as a signal for lower global growth. As a consequence, commodities are taking a negative turn this morning. Crude (viewed by speculators as a proxy for economic health and growth), is taking an early hit.
Crops:
Global economic news dominates. Lower crude prices are helping corn to move lower. Speculators are long corn & soybeans and neutral wheat. Will be looking to see if speculators re-establish short positions in wheat to help determine if supply (potential weather concerns) or demand (global economic factors) are dominant.
Livestock:
Futures are indicating a slightly positive open on very thin volume. Last Friday’s Futures trading report shows speculators have established modestly longer positions.
This commentary is provided for information purposes only and is not intended as advice