Are the majority of people in here mainly trading CME products? I would have figured everyone was trading both CME and ICE when it comes to Ag.
Finally, hold on that ZM N/Q... this down day was outright-driven...Here is what was important for us : "USDA made several changes to the global supply and demand balance sheets. The most unexpected was a 4-million-metric-ton decline in 2014-15 world soybean ending stocks to 85.54 mmt, below the range of pre-report estimates." There were also talks of lower soymeal demand, but all in all the old-crop soymeal spreads should have crashed more on a day like this if there wasn't inherent strength. Oct/Dec gained 5 ticks.
Good deal, thanks for the update! Hopefully the wheat spread will move back up as well. It was killing it for a little while haha I was thrilled then quickly disappointed.
Lx008, I've been watching soy oil pretty closely. I was looking at the CFTC Commitment of Traders report yesterday, clearly the funds have been buying ZL, selling ZM over the past couple of weeks. I kind of want to fade that trade, but it could be foolish. I keep hearing that the ZL rally is due to some potentially bullish bio diesel mandate coming out at the end of the month. I don't believe that for a second, I think it's funds in that spread trade pushing ZL higher.