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
Support 1171 and 1156-1150 then 1142-1140
Res: 1207.50-1208.50 close above 1208.50 imho then 1228-1235
Res: 439.50-443.50 close above 443.50 target then becomes 464-465
If there is a need to re own buy calls on breaks. Corn buy July calls beans look at March calls.
The July/Nov 21 bean spread you might want to buy on breaks
Call with any questions
Branch office HighGround Trading