Merry Xmas to All
Dec. 22nd Tues. Cold storage Report
Dec. 24th Thurs. Early Closes
Dec. 25th Xmas Closed
Arg. Strike (grain inspectors and oil seed workers) over wages.
If not settled by this coming Tuesday it will most likely run thru Xmas.
Arg. farmers are seeing Jan.10th as the cut off for seeding beans and corn (dryness). They need to see rains now.
Eric Snodgrass mention the time frame 12-31 to 1-10 for even Brazil beans and the need for rains
Commodity Weather Group said that central-west Brazil for a 30 day period is the driest in 40 yrs.
US Bean Crush for Nov. a record 181
Domestic usage crushing for meal since DDG product is off as is Ethanol demand.
Look at 2 monthly retracement #’s
9/2012 High 1789 Low 5/2019 791
61.8% = 1407.75
50% = 1290
38.2% = 1172.25
6-2013 High 1558.75 Low 5/2019 791
61.8% = 1288.50
50% = 1205
38.2% = 1121.50
Good technical close above 2016 High 1208.50
March Beans I see some res: at 1235-1243
Close at or above 1244 then imho we target 1288.50-1290
Support March 1207-1197 then 1190 and 1178
March Corn Res: still 439.50-443.50
Close above 443.50 we could see down the road 464-465
Support 434 and 429.25 and 426.50-424.50
Cattle on Feed report/ all est numbers were in line with USDA / yawner
US Dollar looks lower to me and supports grains on breaks
Be thinking about small new hedges of 10-20% new crop corn and beans
Call if ya need ideas or a push to act.
Have a great Xmas!
Scott Capinegro 800-942-1513
Branch Office HighGround Trading