- Chicago markets have been a deep shade of green this morning as fund short covering in the grains and end user pricing in soybean oil added support. Tropical veg oils have trended higher on tightening global supplies and strong global demand. And this has led the Chicago soybean complex higher.The oil share in the soybean crush calculation has grown to 34%, close to the 38% it reached earlier in the year. A strong close tonight will add conviction to our belief that August lows have been scored.
- Chicago is today focussing on demand as we suggested would eventually become the case; however, we would caution against chasing the rally as demand led bull markets usually provide an entry point at some stage!