AUDIO COMMENTARY

Still have caution in cattle
Don’t be exposed to margin in cattle
Waiting for next weeks big USDA report
Most I hear have yield less than last year
Demand is a big wild card
US soybeans could supply others who originally were getting supply from SA
Corn demand still remains salty
China is putting big bets on SA crops
Interest rates going lower
Things get interesting if yield drops
Like getting feed needs covered
The market says sell the carry
Don’t love taking grain to town at harvest
Where is bean bottom? (chart below)*

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SOYBEAN CHART

Nov Beans 🌱

I’ve had this blue box as the must hold spot on the chart since we alerted that sell signal at the top.

This bottom of the box gives back 61.8% of the entire rally off $9.80. Breaking below tells us that this sell off is more than a simple correction.

This could still be a potential bear trap as we haven’t fully busted below this level, but if we close below yesterday’s lows it likely opens the door lower.

That $9.90 area would be an area of interest. That trendline that marked all 3 major bottoms in this market this year. That is where I would start to look at some re-owning strategies etc.