The soy traded both sides. A few thoughts to consider. The markets have rallied off strong demand outside of China for US beans. This buying spree may be coming to an end on the board. To go higher the fundamental picture really is not in place in my opinion. I have spoken of looking at the 2019 nov beans above the 920 level. That is where the market is at present. It is my belief this level will be rich in the long run. The fundamentals are now in place in south america. The weather can always change of course. Baring that the crops are well ahead in planting. This could lead to a early harvest cutting the US out in January. The African Flu is garnering much concern. It has not hit a large scale producer as of yet. These things can linger a long time. Seems to me a when not if situation. The vegoil pulled back a bit today with crude under pressure. The vegoils may have a bottom in place. The upside should be slow and grinding however. As always these are opinions. Always quantify your risk,both hedgers and speculators.
The corn continues to grind it out. It appears to me we are at a key technical level in the corn. This could prove important if we move through it to the upside. The near term demand is important. As well as the weather which could potentially keep harvest on the defensive. In addition, it is possible that corn could be forced to sit in the field for some time. This is more of a long shot,it is still early,but mother nature needs to cooperate. lets see what happens
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