KEY EVENTS TO WATCH FOR:
Monday, December 2, 2019
9:45 AM ET. November US Manufacturing PMI
PMI, Mfg (previous 51.3)
10:00 AM ET. November ISM Manufacturing Report on Business
Manufacturing PMI (previous 48.3)
Prices Idx (previous 45.5)
Employment Idx (previous 47.7)
Inventories (previous 48.9)
New Orders Idx (previous 49.1)
Production Idx (previous 46.2)
10:00 AM ET. October Construction Spending - Construction Put in Place
New Construction (previous +0.5%)
Residential Construction
11:00 AM ET. November Global Manufacturing PMI
PMI, Mfg (previous 49.8)
N/A World Bank Youth Summit
Tuesday, December 3, 2019
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous +1.6%)
Chain Store Sales, M/M% (previous +4.5%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -0.4%)
Ret Sales Mo-to-Date, Y/Y% (previous +4.4%)
Latest Wk, Y/Y% (previous +4.3%)
9:45 AM ET. November ISM-NY Report on Business
Business Index (previous 47.7)
10:00 AM ET. 3rd Quarter Quarterly Financial Report – Industry
10:00 AM ET. 3rd Quarter Quarterly Financial Report - Retail Trade
4:00 PM ET. November Domestic Auto Industry Sales
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous +3.6M)
Gasoline Stocks, Net Chg (Bbls) (previous +4.4M)
Distillate Stocks, Net Chg (Bbls) (previous -0.7M)
Wednesday, December 4, 2019
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 564.1)
Composite Idx, W/W% (previous +1.5%)
Purchase Idx-SA (previous 267.1)
Purchase Idx-SA, W/W% (previous -1.2%)
Refinance Idx (previous 2282.2)
Refinance Idx, W/W% (previous +4.2%)
8:15 AM ET. November ADP National Employment Report
Private Sector Jobs, Net Chg (previous +125000)
9:45 AM ET. November US Services PMI
PMI, Services (previous 50.6)
10:00 AM ET. November ISM Non-Manufacturing Report on Business
Non-Mfg Composite Idx (previous 54.7)
Non-Mfg Business Idx (previous 57.0)
Prices Idx (previous 56.6)
Employment Idx (previous 53.7)
New Orders Idx (previous 55.6)
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 451.952M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.572M)
Gasoline Stocks (Bbl) (previous 225.978M)
Gasoline Stocks, Net Chg (Bbl) (previous +5.132M)
Distillate Stocks (Bbl) (previous +0.56M)
Distillate Stocks, Net Chg (Bbl) (previous +0.725M)
Refinery Usage (previous 89.3%)
Total Prod Supplied (Bbl/day) (previous 21.106M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.125M)
11:00 AM ET. November Global Services PMI
PMI, Services (previous 51.0)
Thursday, December 5, 2019
7:30 AM ET. November Challenger Job-Cut Report
Job Cuts, M/M% (previous +20.97%)
8:30 AM ET. October U.S. International Trade in Goods & Services
Trade Balance (USD) (previous -52.45B)
Exports (USD) (previous 205.99B)
Exports, M/M% (previous -0.9%)
Imports (USD) (previous 258.44B)
Imports, M/M% (previous -1.7%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 213K)
Jobless Claims, Net Chg (previous -15K)
Continuing Claims (previous 1640000)
Continuing Claims, Net Chg (previous -57K)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. October Manufacturers' Shipments, Inventories & Orders (M3)
Total Orders, M/M% (previous -0.6%)
Orders, Ex-Defense, M/M% (previous -0.6%)
Orders, Ex-Transport, M/M% (previous -0.1%)
Durable Goods, M/M% (previous -1.1%)
Durable Goods, M/M% (previous -1.2%)
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3610B)
Working Gas In Storage, Net Chg (Cbf) (previous -28B)
12:00 PM ET. November Monthly U.S. Retail Chain Store Sales Index
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Money Stock Measures
Friday, December 6, 2019
8:30 AM ET. November U.S. Employment Report
Non-Farm Payrolls (previous +128K)
Unemployment Rate (previous +0.6%)
Avg Hourly Earnings (USD) (previous 28.18)
Avg Hourly Earnings-Net Chg (USD) (previous +0.06)
Avg Hourly Earnings, M/M% (previous +0.21%)
Avg Hourly Earnings, Y/Y% (previous +3.0%)
Overall Workweek (previous 34.4)
Overall Workweek Net Chg (previous +0)
Government Payrolls (previous -3K)
Private Payroll (previous +131K)
Participation Rate (previous 63.3%)
Non-Farm Payrolls Bench Net Chg
10:00 AM ET. October Monthly Wholesale Trade
Inventories, M/M% (previous -0.4%)
10:00 AM ET. December University of Michigan Survey of Consumers – preliminary
Mid-Mo Sentiment (previous 95.7)
Mid-Mo Expectations (previous 85.9)
Mid-Mo Current Idx (previous 110.9)
3:00 PM ET. October Consumer Credit
Consumer Credit Net Chg (USD) (previous +9.51B)
N/A The Philadelphia Fed Policy Forum
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The December NASDAQ 100 was higher overnight. However, the low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8306.39 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 8458.75. Second resistance is unknown. First support is the 20-day moving average crossing at 8306.39. Second support is the reaction low crossing at 8231.00.
The December S&P 500 was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3108.94 are needed to confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 3154.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3108.94. Second support is the November 21st reaction low crossing at 3093.00.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: December T-bonds were sharply lower overnight as they have broken out to the downside of last-week's trading range. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 158-21 are needed to confirm that a short-term top has been posted. If December extends the rally off November's low, November's high crossing at 161-22 is the next upside target. First resistance is November's high crossing at 161-22. Second resistance is October's high crossing at 165-07. First support is the 20-day moving average crossing at 158-21. Second support is November's low crossing at 155-26.
December T-notes were lower overnight marking a potential downside breakout of last-week's trading range. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 129.044 would confirm that a short-term top has been posted. If December extends the rally off November's low, November's high crossing at 130.155 is the next upside target. First resistance is the 50-day moving average crossing at 129.265. Second resistance is November's high crossing at 130.155. First support is November's low crossing at 127.315. Second support is the 50% retracement level of the April-August-rally crossing at 127.171.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
January crude oil was higher overnight as it consolidates some of last-Friday's huge decline.The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the November 20th low crossing at 54.85 would confirm that a top has been posted. If January extends the rally off October's low, the 87% retracement level of the September-October-decline crossing at 60.07 is the next upside target. First resistance is the 75% retracement level of the September-October-decline crossing at 58.77. Second resistance is the 87% retracement level of the September-October-decline crossing at 60.07. First support is the November 20th low crossing at 54.85. Second support is the reaction low crossing at 53.84.
January heating oil was higher overnight as it extends the October-November trading range crossing at 197.02. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below November's low crossing at 184.41 would open the door for a possible test of October's low crossing at 180.42. If January extends the rally off the October low, the September 16th high crossing at 207.82 is the next upside target. First resistance is October's high crossing at 197.02. Second resistance is the September 16th high crossing at 207.82. First support is November's low crossing at 184.41. Second support is October's low crossing at 180.42.
January unleaded gas was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 158.74 would confirm that a top has been posted. If January resumes the rally off October's low, May's high crossing at 173.61 is the next upside target.First resistance is November's high crossing at 170.36. Second resistance is May's high crossing at 173.61. First support is the 50-day moving average crossing at 158.74. Second support is the reaction low crossing at 155.64.
January Henry natural gas was higher overnight as it consolidates some of last-Friday's huge decline. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, weekly support crossing at 2.187 is the next downside target. Closes above the 20-day moving average crossing at 2.676 would confirm that a short-term low has been posted.First resistance is the 10-day moving average crossing at 2.539. Second resistance is the 20-day moving average crossing at 2.676. First support is last-Friday's low crossing at 2.305. Second support is weekly support crossing at 2.187.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The December Dollar was steady to slightly higher overnight. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 98.04 are needed to confirm that a short-term top has been posted. If December extends the rally off October's low, the October 8th high crossing at 98.96 is the next upside target. First resistance is the October 8th high crossing at 98.96. Second resistance is October's high crossing at 99.31. First support is the 20-day moving average crossing at 98.04. Second support is the reaction low crossing at 97.55.
The December Euro was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 50-day moving average crossing at 110.77 are needed to confirm that a short-term low has been posted. If December extends the decline off September's high, last-Friday's low crossing at 109.90 is the next downside target. First resistance is the 20-day moving average crossing at 110.77. Second resistance is September's high crossing at 112.22. First support is last-Friday's low crossing at 109.90. Second support is October's low crossing at 109.38.
The December British Pound was lower overnight as it extends the trading range of the past two-months.The mid-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off October's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. If December resumes the decline off October's high, the 50-day moving average crossing at 1.2739 is the next downside target. First resistance is the 62% retracement level of the February-September-decline crossing at 1.2958. Second resistance is the 75% retracement level of the February-September-decline crossing at 1.3161. First support is the reaction low crossing at 1.2782. Second support is the 50-day moving average crossing at 1.2739.
The December Swiss Franc was higher overnight as it bounces off support marked by May's low crossing at 1.0000. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, weekly support crossing at 0.9918 is the next downside target. Closes above the 50-day moving average crossing at 1.0108 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.0062. Second resistance is the 20-day moving average crossing at 1.0084. First support is last-Friday's low crossing at 0.9987. Second support is weekly support crossing at 0.9918.
The December Canadian Dollar was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, September's low crossing at 74.84 is the next downside target. Closes above the 50-day moving average crossing at 75.68 would confirm that a short-term bearish outlook.First resistance is the 50-day moving average crossing at 75.68. Second resistance is the reaction high crossing at 75.82. First support is November's low crossing at 75.03. Second support is October's low crossing at 74.97.
The December Japanese Yen was lower overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August's high, April's low crossing at 0.0907 is the next downside target. Closes above the 50-day moving average crossing at 0.0925 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 0.0925. Second resistance is the reaction high crossing at 0.0929. First support is the overnight low crossing at 0.0912. Second support is April's low crossing at 0.0907.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: December gold was steady to slightly lower overnight as it extends the trading range of the past four-weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 1488.70 would signal that a short-term low has been posted. If December resumes the decline off September's high, the 50% retracement level of the May-September rally crossing at 1426.60 is the next downside target. First resistance is the 20-day moving average crossing at 1468.40. Second resistance is the 50-day moving average crossing at 1488.70. First support is November's low crossing at 1446.20. Second support is the 50% retracement level of the May-September rally crossing at 1426.60.
December silver was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 17.468 are needed to confirm that a short-term low has been posted. If December resumes the decline off September's high, the 62% retracement level of the June-September-rally crossing at 16.547 is the next downside target.First resistance is the 50-day moving average crossing at 17.468. Second resistance is the October's high crossing at 18.350. First support is the 62% retracement level of the June-September-rally crossing at 16.547. Second support is the 75% retracement level of the June-September-rally crossing at 15.859.
December copper was higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November's low, November's high crossing at 273.00 is the next upside target. If December renews the decline off November's high, the reaction low crossing at 257.30 is the next downside target. First resistance is November's high crossing at 273.00. Second resistance is the 87% retracement level of the July-September-decline crossing at 276.34. First support is November's low crossing at 261.30. Second support is the reaction low crossing at 257.30.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn closed steady to fraction higher overnight as it extends the rebound off last-Wednesday's low. The mid-range close sets the stage for a steady to higher opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.91 1/2 would temper the near-term bearish outlook. If March extends the decline off October's low, September's low crossing at 3.65 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 3.82 1/4. Second resistance is the 50-day moving average crossing at 3.91 1/2. First support is last-Wednesday's low crossing at 3.73. Second support is September's low crossing at 3.65 3/4.
March wheat steady to fractionally lower overnight as it consolidates some of last-week's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 87% retracement level of the June-September-decline crossing at 5.58 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.19 3/4 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the June-September-decline crossing at 5.44 1/4. Second resistance is the 87% retracement level of the June-September-decline crossing at 5.58 1/4. First support is the 20-day moving average crossing at 5.19 3/4. Second support is the 50-day moving average crossing at 5.13 3/4.
March Kansas City Wheat closed up 9 1/2-cents at 4.47.
March Kansas City wheat closed higher on Friday while extending the August-November trading range. The high-range close sets the stage for a steady to higher opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off September's low, the 38% retracement level of the June-September-decline crossing at 4.53 1/4 is the next upside target. Closes below last-Monday's low crossing at 4.23 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-declinecrossing at 4.53 1/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.70 3/4. First support is last-Monday's low crossing at 4.23. Second support is October's low crossing at 4.13 1/2.
March Minneapolis wheat was steady to fractionally lower overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.23 1/4 are needed to confirm that a low has been posted. If March resumes this decline off October's high, September's low crossing at 5.00 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.23 1/4. Second resistance is the 50-day moving average crossing at 5.41 1/4. First support is November's low crossing at 5.06. Second support is September's low crossing at 5.00 1/4.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
January soybeans were higher overnight as they consolidated some of the decline off October's high. However, the low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, September's low crossing at 8.65 is the next downside target. Closes above the 20-day moving average crossing at 9.09 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 8.93 1/2. Second resistance is the 20-day moving average crossing at 9.09 1/4. First support is the 87% retracement level of the September-October-rally crossing at 8.76 3/4. Second support is September's low crossing at 8.65.
January soybean meal was steady to slightly higher overnight as it consolidates some of the decline off October's high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off October's high, weekly support crossing at 288.30 is the next downside target. Closes above the 20-day moving average crossing at 302.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 299.40. Second resistance is the 20-day moving average crossing at 302.30. First support is last-Friday's low crossing at 292.80. Second support is weekly support crossing at 288.30.
January soybean oil was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 31.11 would temper the near-term bearish outlook. If December extends the decline off November's high, the reaction low crossing at 29.55 is the next downside target. First resistance is the November 20th high crossing at 31.59. Second resistance is November's high crossing at 32.17. First support is last-Tuesday's low crossing at 30.12. Second support is the reaction low crossing at 29.55.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
December hogs closed up $1.35 at $62.03.
December hogs closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Multiple close above the 20-day moving average crossing at 62.92 would temper the near-term bearish outlook. If December extends the decline off October's high, September's low crossing at 57.75 is the next downside target. First resistance is the 20-day moving average crossing at 62.92. Second resistance is the 50-day moving average crossing at 65.96. First support is last-Wednesday's low crossing at 60.05. Second support September's low crossing at 57.75.
December cattle closed down $0.23 at 121.20.
December cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extended the rally off September's low, March's high crossing at 124.18 is the next upside target. Closes below the reaction low crossing at 117.35 would confirm that a short-term top has been posted. First resistance is today's high crossing at 122.08. Second resistance is March's high crossing at 124.18. First support is the reaction low crossing at 117.35. Second support is the 50-day moving average crossing at 115.17.
January Feeder cattle closed down $1.05-cents at $142.28.
January Feeder cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 144.15 would confirm that a short-term low has been posted. If January extends the decline off November's high, October's low crossing at 136.10 is the next downside target. First resistance is the 62% retracement level of the April-August-decline crossing at 146.85. Second resistance is the 75% retracement level of the April-August-decline crossing at 151.31.First support is last-Friday's low crossing at 138.27. Second support is October's low crossing at 136.10.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
December coffee closed higher on Friday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, July's high crossing at 11.94 is the next upside target. Closes below the 20-day moving average crossing at 10.95 would confirm that a short-term top has been posted.
December cocoa closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26.14 would confirm that a short-term top has been posted. If December renews the rally off August's low, the May 2018 high crossing at 28.33 is the next upside target.
March sugar closed higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, the July 30th high crossing at 13.25 is the next upside target. Closes below 50-day moving average crossing at 12.55 would confirm that a top has been posted.
December cotton closed lower on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signal additional gains near-term are possible. If December extends the rally off August's low, fib resistance crossing at 67.19 is the next upside target. Closes below last-week's low crossing at 61.73 are needed to confirm that a short-term top has been posted.
Thanks again Tallpine!
Big Rains now in the forecast for Argentina after day 10. Continued big, widespread rains for Brazil. This is clearly bearish beans weather and has me backing off on bullish weather for Argentina, the worlds #2 corn exporter.
Models turned colder in the US during week 2 and beyond around 24 hours ago and have continued..........supporting natural gas.