December 26th, 2019 commentary by Ashton

Good morning! I hope everyone had a Merry Christmas yesterday. Fresh news will be limited as many areas remain on holiday and others are simply not willing to have risk at this time.

Recent positive headlines from both the US and China push the belief that a deal will be signed in the early part of January but as we have said, many remain cautious until then. 

As of Monday, USDA’s FSA had paid $10.707 billion in Market Facilitation Program 2 (MFP 2) payments to farmers.

Have a great and safe day!

CH first support at 384 ½, then 381 ½, then 377 ½. Resistance at the 100-day MA at 389 on a closing basis, then 390 ½, then 400.   
SF support at 924 ¼, then 918, then 911 ½.  Resistance at 940-942 ¼, then 960.

Spreads:
CH/CK carry at 6 ¾ cents.
CH/CN carry at 13 cents.
SF/SH at 8 ¼ cent carry. 
SF/SN carry into 32 ¾ cents

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