If you haven't looked at a Nov. Bean and Dec. corn chart you should (daily). Buy the rumor sell the fact.
Fact
Beans closed lower for the week for the first time in 4 weeks ALSO they closed under the 20 day moving avgs.
Nov. Beans had an outside week
Corn also closed under there 4 week avgs.
sometime this growing season those numbers will more than likely be repeated. The fireworks will be generous this season the aftermath will be ugly
It is a long growing season BUT soon will be fighting Mother Nature and the Fed with higher interest rates.
Question is did the Ukraine / Russia build up push prices way over the top for now. I vote yes.
Farmer question beans, corn, wheat, cotton prices seem to be profitable at these prices. There choice which pencils out better profits after input cost. So the battle for acres.. its battle to profit this yr.
Thanks bcb,
As I was showing last week, IF rains can help(too late for most production) then we have tons of it coming to the drought areas of SA.
Just updated 12z GFS ensemble mean precip for 2 weeks below.
Feb. 25: Most-active CBOT #soybeans have traded down as much as 10.2% from the previous day's high. That has happened only 9 times since 2003. Bit reminiscent of June 17, 2021, when the contract had shed as much as 10.3% from the prior session's high.
News from Ukraine is the only thing that matters in this environment on days like today.
https://www.marketforum.com/forum/topic/82202/#82215
Haven't seen many further downside revisions to Brazil's crop recently, but #China keeps buying U.S. cargoes - unusual timing. Initial crop pegs were as high as 145+ mmt.
