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Middle Tennessee | Every year these soybean rallies become more farcical than the year before. It's a "technical" rally, so I guess producers need to evaluate their confidence in long-term charts, because the short-term charts don't offer a whole lot, but some. Someone is chasing funds out of their short meal position, it is that simple. Looks like it's going to go a little higher. It's a congestion zone from here all the way to $10.35, resistance could show up anywhere, and I think the buyers will evaporate quickly. I'm going to watch the meal market for sign of short capitulation from daily CFTC and push short with all I have.
Here is an interesting piece, I guess ethanol producers are just like corn farmers, working to drive the price of everything down, good for corn demand though,
http://af.reuters.com/article/africaTech/idAFL2N1M12IZ
Who thinks capital improvements would be so agressive in a normal interest-rate environment? | |
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Soybeans in Frytown's sell zone!
