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Mascoutah, Illinois | I believe this correction is about at its half way point. Beans topped out at $14.60ish and closed around $13.00 today. Another $1.60 lower would put us in the $11.40ish area. Soybeans are my favorite barometer of the economy. Time and time again I look to soybeans to give me the best snapshot of what the consumer is doing. When crude oil puts in the bottom and starts going higher, soybeans will follow. At that juncture, economic indicators will look weak because they are backward looking. There will be plenty of fear and panic in the eyes of most. It will be a wonderful buying opportunity. The turn higher in soybeans will tell you to load the boat in commodities and the stock market. Case in point, look back to early 2009. Soybeans were moving higher even as the stock market was heading lower. Within two to three weeks, the stock market bottomed at 666 in the S&P and we were off to the races. | |
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Kind of wondering what you think about the June 30th report?
