AUDIO COMMENTARY
Cattle gapped open higher but faded
How to protect the cattle rally
USDA says they screwed up Sep numbers
USDA did not change the Oct numbers
This adds more uncertainty to USDA
Why did the USDA say this?
Still feels like yield is overstated
Watch the spreads as a hint at harvest
Brazil election shocked the market
Bean ran well off the lows and held support
Politics often just few day wonders
Risk of better bean yields
What to watch for clues in this market
Is China going to buy anything else?
Could have large swings on balance sheets
Will funds want to jump back in?
Don’t let Big Ag take advantage of you
Do not give grain away on DP
Wheat options are dirt cheap now
There is world issues with wheat and funds short
If you’re back into a corner in marketing
Soybean chart breakdown below audio*
Listen to today’s audio below
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SOYBEAN CHARTS
Jan Beans 🌱
Held the support box despite the weakness.
Was not the worst close either as we bounced nicely off the lows. Finding support right where we need to at the 61.8% retracement down to the August lows. Re-testing the highs from July.
This is still viewed as support and an area where we would expect us to find life.
However, if we do not hold this box there is a large gap of air to the downside.
Right now we are sitting at a volume shelf, with zero volume below this level. So failure to hold this level could result in us going down to test the May highs. Which is the next volume shelf and the next set of retracements being the 78.6% level.
Nov Beans 🌱
Very similar set up.
We still held the support box. This is still the point of interest to carve out some lows.
However, we need to continue to hold here or it likely opens the door down towards that $12.00 level and the May highs.
Which again would be the next retracement (78.6%) and the next volume shelf.
So must hold spot for soybeans short term.
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