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Buxton ND | IMO beans still look very week,gaping lower (intradays only) took a quick flush and now look to be building a bear flag. IMO trader will target the 200 day SMA (month) which is 8.63 This baby read more bearish each day. My guess would be spec funds have added give or take 20k net short in the last 4 days,that would put then @-52k This is getting close to my early summer number where I thought beans would put in a bottom......... I'd LOVE daily CFTC reports but been told my changes are better moving in the White House for 4 years ! ! ! ! !
Maybe 8.63 sounds wild to the down side but they HAVE traded to the 200 day in corn and now we're below that level by .34
Many charts are nearer 2008-09-10 lows,expect crude.
The Dollar since mid July has rallied 6%
Real has fallen 6% since September 5th
This makes OUR BEANS more expense in the world market and toss's that carrot out to Brazil.....
Remember Argentine holding beans as an inflation hedge,,,wonder what their thinking about now ? ? ? | |
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Overnight markets looking Red
