- It has been a relatively uneventful start to the week in Chicago markets and this has reflected in Europe as well. It is reported that volumes are low because traders are looking away from ags for better opportunities. As Chicago markets near multi-year low levels and global farmers hang onto their recent harvest, the market needs to find a fresh bearish input for pressure to remain on still lower price levels. Tonight’s COT report will be keenly inspected to see just how much selling power may be in the hands of the funds.
- Today’s NOPA crush report showed October’s soybean crush to be 158.9 million bu and soybean oil stocks reaching 1.408 billion lbs. Last year’s comparable crush rate 157.96 and the latest number was a touch below expectation. Crush rate to date is record large but US crush margins are in decline.
- One commentator has described the current market climate as “too cheap to sell and no fundamental reason to buy.