|
Theodore, Saskatchewan | Well not at the computer so no charts but couple thouights and you can check my numbers,
Money flowed out of just about everything today except bonds (seperate question is when will the bond rally end, I do not look at bonds but looking at the chart is now on my list of things to do)
I read that crush in October for beans was a whopping 153 mbu so use is clipping along. And large sale of soy oil to unknown. No rally with bullish news is very bearish,
But I will tell you something, I already went short beans at 1400 this year and it did not work out
Here is the question sat, shipments and crush to date is probably close to 1 bbu, with total supply of 3 bbu. This is actual use not just sales that can be canceled. From Sept to now we also washed 500 mbu of spec longs out of the market. So how much energy is left in the system for another leg down? This time is no different than any other time right, so when will the bounce happen?
Todays close good sign for bears, but we need follow through... | |
|
Thoughts on today's bean close
