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Middle Tennessee | Well, a 30-cent gap on high volume is a 30-cent gap on high volume is a 30-cent gap on high volume, as SAT might have said. BUT....
200-day MA at 936...Now it's just like the old days, worrying about the Brazilian currency (still in the toilet, Il Duce hasn't been able to rescue it), and South American production (so far so good). Except it's not like the old days, because the US itself will have unprecedented carryouts, with an estranged trading partner with declining meal demand. The situation throughout the fall has stimulated additional output from our competitors, and it seems impossible to export our way out of these surpluses. And then there is the sinking crush spread, which ought to sour commercial interest in ownership which has been floating this thing.
Local news the other night had a story on Tennessee farmers struggling to get their crop out. They had a 3-second interview with the farmer, who brought up the market, said it was trading emotion, not fundamentals. I strongly disagreed, it was trading fundamentals half-heartedly. This is emotion. | |
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I’m just gonna own it.
