The beans and meal were under sincere pressure all session. The Chinese US trade conflict is cited as the reason. Perhaps it is the catalyst. However, it is my contention that there are other considerations afoot. The domestic carry has been growing, and will continue. The global supply is 20-25 mmt larger than 2 years ago. This is not bullish. …
AG TIME moving in the right direction
The beans came under pressure today. The realization that the Chinese delegation has nothing finalized is not a bullish input. The US sales to China are dismal at best. This is typically the time of year that SA dominates. The Brazilian is exporting alot. The meal has been under pressure. the last two sessions. This needs to be watched closely. …
AG TIME – lots of questions
The beans were lower early on concerns over China, a lack of purchases, and a large percentage of unshipped beans for old crop. At the end of the day nothing has changed but the price. Beans were able to mount a significant turn around and close 10 CENTS higher. There is hope the US delegation to China can come away …
AG TIME
The soy complex was weak today. The beans and meal both were under some pressure. There was a correction in the oilshare and this was the main catalyst. The bean oil stocks came in lower than anticipated. It is to early to say if the meal has put in a high. The technical picture does not indicate it has. The …
Livestock Report
Live Cattle On Tuesday May 1st, 2018, the June Live Cattle contract broke down below support at 104.20, trading to the session low at 103.825. With the 21 DMA also providing support at 104.025, and trendline support at 104.325, the spike down was bought and price rallied the rest of the session. It rallied past the early high and stopped …
Grain Spreads
The grain rally keeps on chugging led by soy meal, wheat, and corn. In meal as I have noted previously saw Argentina make its third soybean purchase in as many weeks. Lower production from the world’s number one bean crusher has been met with Argentina buying US beans for the first time in twenty years in the last 30 days. …
Yield Sign: US 30yr Treasury Futures
US 30yr Treasury Futures Yield signs are used to assign right of way and instruct drivers when they need to stop and slow down. I believe this clearly describes the way the longs yielded the right of way to the dominant short players when the 30 year contract approached the critical 144 level in early week trading …
AG TIME
The story remains the same. The meal is leading the soy complex while the large crush pace pressures the bean oil. The oilshare continues to decline at 27.2%. In addition, the meal relative to beans is approaching historic highs. The question is what price either shuts down demand, although not really the issue in my opinion. Or offers other price …