Beans have been on a roll lately. Even when the outside markets have worked against beans during the past week, bean prices have lead the grain markets higher.
High volumes of export sales, an increase in fund buying, seasonal patterns and bullish technicals are all good reasons to stay long. Today's activity indicated a sizeable amount of selling pressure. Now what happens for the rest of the month?
Planting conditions in S. America doesn't appear to pose as big a threat compared to the past couple years. The IDX can't convincingly penetrate the 75 mark, oil can't bang through 80, funds may close out positions earlier this month (due to Thanksgiving) and the chart just might need a breather. Would now be a good time to take profits? Typically bean prices climb from here through January, but I'm not entirely confident we won't see nasty pullback during the next couple weeks. Any thoughts?
High volumes of export sales, an increase in fund buying, seasonal patterns and bullish technicals are all good reasons to stay long. Today's activity indicated a sizeable amount of selling pressure. Now what happens for the rest of the month?
Planting conditions in S. America doesn't appear to pose as big a threat compared to the past couple years. The IDX can't convincingly penetrate the 75 mark, oil can't bang through 80, funds may close out positions earlier this month (due to Thanksgiving) and the chart just might need a breather. Would now be a good time to take profits? Typically bean prices climb from here through January, but I'm not entirely confident we won't see nasty pullback during the next couple weeks. Any thoughts?
