Bull markets need to be fed everyday and bear markets feed on capitulating bulls…….Neither bears nor bulls have been eating much the past few weeks. Ask Option sellers what happens to naked volatility sellers! Sometimes we just have to accept sideways and have the discipline to make the trading decision to decide not to trade. Hopefully, we’ll get some unforeseen events sparking us one way or the other, soon! We continue to watch!
It appears like we are on hold waiting for the reports from the USDA on Friday, changes in weather patterns and/or a fresh Chinese trade agreement. Corn and bean spreads may suggest that there’s enough around to satisfy demand for a few more months and we’ll need a supply disruption fear to generate a little more enthusiasm for end users to get aggressive…….Wheat spreads may be suggesting that the quality, bushels, or a combination of both to be lacking. We are approaching first notice day against the March contracts and there are only 15 trading days left for out of position elevators and speculators to move in order to not be exposed to the delivery game.
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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Steve Bruce
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