ES's grew again and potentially could continue to grow. New crop getting ready to go in the ground, slow sales. BUT...world stocks stayed about the same. Buyers just went from one supplier to the other. While bearish for US, not overly bearish overall? People will still need beans. SA will just buy what they need from the US if they run out, which they probably won't.
Back to the short side theory I saw an early estimate this morning for 2018/2019 of 906 Million Bushels! YEOW!
short term if we hold the recent low does not look bad...possible 1026....corn had good report and no reaction so you never know
I have a hard time not envisioning the market collapsing if ES's start exploding over the 600-700 MB range. I bought a couple puts.
Beans on shaky ground here but if ...if... if the drought grows out of the panhandls of Texas and Ok
Bean carry is still going to grow from 530. Beans are not the thing I want to be long imho.
I've been following the drought monitor, but August is a long ways away and ES's are growing right now. Who wants to be long going into March when the USDA comes out with planting intentions and ES projections for the next year. Can you imagine the reaction if stocks grow another 300-400mb. After that and there isn't any rain coming, definitely a time to buy.