Something is cooking in the grain and livestock futures markets. Corn (ZCH25) and wheat (MWH25) futures bulls have come to life, as have lean hog (HEJ25) futures bulls. Live (LEJ25) and feeder cattle (GFH25) futures prices remain elevated. And although soybean (ZSH25) and soybean meal (ZMH25) futures bulls are still struggling, those markets have at least established price bottoms. It seems that one bullish, fundamental catalyst has been flying under the radar screen: historically tight U.S. corporate bond-U.S. Treasury yield spreads.
