Bears continue to feel the pain and side-effects of Injuries sustained by the sudden and unexpected jerking of the markets higher.
Some of the excitement and fireworks can be attributed 3 elements tripping across the wires.
- US importers canceling a couple of meal cargoes from Argentina. The ear is this tightens supplies even further
- Fear that meal here in the US could get extremely hard to source come August.
- Continuing talk that both US and Chinese domestic meal bids are working higher.
I continue to monitor both the NOV14 and NOV15 contracts in hopes of making another round of sales and further reducing downside risk and exposure. Those who have once again been blessed by the "do nothing" marketing approach...might want to strongly consider making some type of move on this nearly $2.00 rally (from the early Feb lows) in new-crop bean prices. Read more specific information