Meanwhile, livestock markets were the top performers. Hogs hit new contract highs while live and feeder cattle futures traded to new record highs. Stock markets also surged, with the S&P 500 crossing 6,000 before pulling back slightly. Tech stocks, especially the “Magnificent Seven,” continued driving major index gains.
Wheat futures also showed bullish signs. Kansas and Chicago wheat markets formed inverted head-and-shoulders patterns. Minneapolis wheat led the trend, breaking above the 200-day moving average. Analysts remain cautiously optimistic as some dry conditions persist in Western Canada.
The latest CFTC report shows funds remain net short in corn and wheat, while holding long positions in soybeans and livestock and record long canola. Any positive trade developments, like the upcoming U.S.-China talks in London on Monday, could trigger additional rallies.
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