BIG down day today for beans. Looks like a weak Argentina crop cant compete with a +500bu carryout in the US. And talk of farmers increasing acres... How is the thought of that going to help things.
This tariff talk... Not going to be friendly in regards to US exports to china.
And about those technicals...
I mean come on. This market was OVERBOUGHT. end of story.
I think this one is a near term short play. Momentum is headed down. Get out of the way and catch a ride down the hill. New support will be found or it will head all the way down to the lower parallel.
I mean yes, large specs are still long overall, and this thing could get choppy with another super dry forecast over the weekend. Buuuuut too many bearish indicators in this one telling us its due for a little beating.
How much lower could we go? That is the magic question my friend. But for now, sure feels like some short term profit potential is calling.
We will see how this plays out...
This tariff talk... Not going to be friendly in regards to US exports to china.
And about those technicals...
I mean come on. This market was OVERBOUGHT. end of story.
I think this one is a near term short play. Momentum is headed down. Get out of the way and catch a ride down the hill. New support will be found or it will head all the way down to the lower parallel.
I mean yes, large specs are still long overall, and this thing could get choppy with another super dry forecast over the weekend. Buuuuut too many bearish indicators in this one telling us its due for a little beating.
How much lower could we go? That is the magic question my friend. But for now, sure feels like some short term profit potential is calling.
We will see how this plays out...
Trade active:
beans coming around and short play is working out today. Tariff talk, rain, and interest rate increases have commodity funds selling. Im going to hold onto this one as it could take a further loss.
Trade closed manually:
beans took a big enough hit but am convinced that this might be a time it turns around. we will see what this report says.