The day was fueled by talk of the big downs in stocks. Both domestic and all over the globe. Interesting. The US clawed back. My thoughts on the matter. The world is rebalancing. Plain and simple. The US is regaining its place in the pecking order. We have come from a decade of globalism, actually two decades. As President Trump said Nationalism is his theme. Right wrong or indifferent. Love him or hate him, he keeps his word. As I have said. The US stock market is due a correction at any time. But the fundamentals remain strong. The big rally in bonds today is a sell in my opinion. The global markets are slowing. My perception, The US is not supporting everyone. Giving away all our manufacturing jobs. And essentially everything else we can. Therefore the global scenario is slowing. The US consumer numbers are off the chart. The more that stays home, the less to hold other nations up. This is not an indictment of the other nations, just fact.
The soy in my opinion is in a macro down. This will change when the stocks to usage does. The crush margins are now under some pressure. This should continue with a global slowing. In addition, continue to watch the African swine flu. This is spreading. The funds remain long meal.
The corn is trying to bottom. Not a big move, but solid support. The US is in a nice position. Not a run away bull but solid fundamentals. Look for the nov crop report to be an important report, if, the USDA reduces the carry. Then the story becomes a bit friendly.
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