Both the S&P and NQ set fresh record highs ahead of President Trump’s address at the Economic Club of New York. However, his comments lacked the positive jawboning on U.S-China trade that was expected and price action dissipated into the afternoon.December live cattle started the week under moderate pressure but were able to defend the lower end of last weeks trading range, 118.20-118.525. So long as the bulls continue to defend this pocket, they remain in clear control.Corn futures were softer to start the week as market participants continued to digest Friday’s delayed WASDE report. The delay provided a pop from algo buying but was short-lived as participants realized it wasn’t a bullish report.U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CST .Corn drifted lower yesterday on another lackluster export sales number, 487,900 metric tons. This was up from the 4-week average and within the range of expectations, but the bull camp NEEDS to see....China’s Foreign Ministry announced yesterday that the two sides would agree to roll back tariffs in phases upon signing an interim “Phase One” trade deal. The headlines sound very copasetic, right? The only problem, the U.S had not confirmed this “great news”.Oliver Sloup breaks down the trading day before WASDE report in grain futures markets. The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.