May 22nd Friday Cattle On Feed
Going to be interesting. Does rain make grain or does rain mean replant?? Answer could be both.
Just going to paste an article from Reuters:
“SINGAPORE/BEIJING (Reuters) – China has asked trading firms and food processors to boost inventories of grains and oilseeds as a possible second wave of coronavirus cases and worsening infection rates elsewhereBoth state-run and private grain traders as well as food producers were urged to procure higher volumes of soybeans, soyoil and corn during calls with China’s Ministry of Commerce in recent days, three trade sources told Reuters.”
“There is a possibility of a breakdown in supply pipelines due to the coronavirus infections. For example, a port of origin or destination might shut down,” said a senior trader at one of China’s leading food processors, which was on a call last week with authorities to discuss purchases.”
“They have advised us to increase stocks, keep supplies higher than we usually have. Things are not looking good in Brazil,” he added, referring to China’s main supplier of soybeans and a key meat exporter where the number of coronavirus cases has surpassed those in Spain and Italy.”
Nov beans have made Higher High’s the last 4 weeks. China has been a buyer of corn, beans and soybean oil.
Corn is holding and the HOPE is just mho of a 18-22 cent rally in the next week or two. Maybe into the 1st week of June. Lows are in until they are taken out.
We still have to see how opening up some states are doing. It is a plus for the bulls and not for the bears.