11-21-20
Happy Thanksgiving to All
Monday 23rd Cold Storage Report
Thursday 26th Turkey Day (Markets Closed)
Friday 27th Grains open 8:30 am cdt and close early 12:05 pm
*Demand Bull Market
*S.A. LaNina (dry)
*US./ watch drought map..early yes... but
Nov.21 Beans vs. Dec 21 Corn ratio 2.570
China finds corona virus on frozen meat packaging from Latin Amer.
Brazil, Boliva and New Zealand. Also on frozen pork packaging from Arg.
Brazil has already pre sold 53.5% of there soybean crop. Look for less
hedging from both S.A. and U.S. farmers in coming months.
China has 10.8 mmt of US corn on the books.
Dec. soybean oil has closed above the 2016 High of 3811. That year soybeans
had a High of 1208.50
Jan Beans
Support 1171 and 1156-1150 then 1142-1140
Res: 1207.50-1208.50 close above 1208.50 imho then 1228-1235
March corn
Support 417.25-411.75
Res: 439.50-443.50 close above 443.50 target then becomes 464-465
Thanks bcb,
Beans could go to the moon, especially if it stays dry in Mato Grosso and points just south.
That could affect 40% of production.
SA is all sold out and the US is the worlds only supplier of beans until early next year, when the SA crop is harvested............and it got planted late because of the drought, so it will be harvested late.
Limited supplies must be rationed by cutting demand and the only way to do that is with price.
South America Oct/Nov 2020
45 responses |
Started by metmike - Oct. 1, 2020, 8:35 p.
The falling $ also supports higher prices. If it breaks below 91.75
Take note my res: zone was 439.50-443 for March corn off of the corn monthly chart. BUT as usual the High of 439.5 was made at night. Bulls need a close above 431 again or more technical selling will come in.
all true guys but this is "be careful " zone for grains.....next high target after the approx. 170 day cycle comes at the seasonal April
The market needed to dial in the huge increase in rains for Central Brazil yesterday:
South America Oct/Nov 2020
55 responses |
Started by metmike - Oct. 1, 2020, 8:35 p.m
https://www.marketforum.com/forum/topic/59680/
SA is out of beans though(until early next year) with stocks at extraordinarily low levels. and high demand, so it's going to be frothy.
Look at those support and res: I posted. Today might have been a nice tech bounce for a while.
March corn 4 week avg 416.50 Defendant today. The July/Nov bean spread. It has held support on the 20 day ma. since at least Oct. 6th. neat it today.
Now we see if the Rains come for Brazil. Soon very soon
Thanks bcb!
We started the Dec/Jan South America thread yesterday,. picking up where the Oct/Nov thread left off(forecast rains to the drought area of Brazil clobbering prices)
https://www.marketforum.com/forum/topic/62048/
By metmike - Dec. 2, 2020, 1:25 p.m.
That little pocket of slightly less than ideal rain shrank on the mid day GFS products.(a tad wetter in that fairly small location).
Its not that big of a deal except to watch in case there starts to be a trend of the models getting drier.
This latest run still has at least 3 inches of rain everywhere during the next 2 weeks.
Argentina could start getting dry though.
.png)