Weather is and always will be an issue. Sure the funds play a much larger role than they used to. Remember wheat's run in 07 the weather was the match that lit that flame, sure there was a lot of momentum buying. But we never would have had 7.00 wheat plus in summer of 07 without all the horrible SRW crop ratings due to the weather.
http://www.forbes.com/2009/07/09/soybeans-corn-exports-markets-commodities-usda.html China Gobbles Up US Soybeans Forbes - Melinda Peer - 13 hours ago China ordered 283500 metric tons of the beans before the upcoming 2009 harvest and 830000 metric tons for delivery after Sept. 1. The USDA expects domestic farmers to sell nearly 28 million tons of soybeans--roughly a quarter of global soybean sales--by the end of August.
Brazil and South America's Soybean Reserves Reach Low Levels Brazzil Magazine - ýJul 8, 2009ý According to Oil World latest forecast, Brazil and South America's soy bean reserves suffered a strong reduction following recent sales while the global ...
seriously does anyone who matters still trade in the futures pits? Only reason to be on floor is if you are trading options.
I think you are forgetting that a lot of spread activity still occurs down there from some very big names, and you still get some big orders coming in down there...although mostly MOOs and MOCs.
y0 my nigs! How are the nuts swingin' these days? (low I hope) I'm trying to ride my zebra (exotic horse from africa) back into the corn over beans spread these days with this AWESOME oil spill. Has anyone else seen the correlation between BP oil spill, bean oil, and corn? Lawdy...been one helluva dragon ride if you know what I'm talkin' about! just gotsta have the right number of oil barrels to beaners with a good dosage of corn to see the renko path (to freedom) every morning, I sit in my chair, look out the window at the little fish pond on my patio, smoke a little cheeba, and fire up eSignal. Oh man...the feeling I get when I see those ninja renko charts line up...closest to god you can get because I know the ching is gonna roll in that day. sometimes...sometimes it is rough to see the renko boxes through the tornado of the dragon, but have faith my little ninjas and the light will always shine through. hold on to the horns of the dragon and breathe soft. don't forget the chiba.
A quote FWIW: "On the other hand, here in southeast Nebraska soybeans for delivery in August maintain a premium of 52 cents over those for delivery in September. This is certainly not indicating an imminent collapse in prices. In fact, the last time we had a similar huge spread in soybean prices in 2003-2004, it was followed by a big rally after harvest. Stay tuned. I have a feeling that the fun is just beginning!"
Just bought n/x beans, at 46,tells me trade thinks carryout is closer to 230 than 330. Will add if it narrrows. Hate to miss those sqeezes. Regards, local