grains

plenty of head scratching this morning regarding the move higher in soybeans post 8:30 open. Soybeans +60 ticks,meal +140 ticks cal spreads in both products continue to strengthen.A few ideas for move higher First, stats Canada released their planting forecasts and it shows less Soy to be planted then forecast.The move higher in Soy meal most likely comes from the damage to an Argentine Export facility that will curtail worldwide supply.lastly US trade delegation heads to China next week to iron out differences causing a sigh of relief for those who worried about tariffs.Of  the Three the Soymeal story is the One I place responsibility on for pushing soy complex higher. A surprise move higher during a week with plenty of surprises in other markets.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.