Burn It All Down Monday Markets
USDA report day, Friday did little to entice much of any market direction and ultimately left much market nears unchanged. However, that neutral bias mood seems to have severely soured this Monday. At the time of this writing, corn is down 2’0, soybeans down 9’4, soymeal down 1.5 and wheat(s) down 1’0-8’0. Burn It All Down Monday seems to be the theme as Friday’s USDA hangover sets in.
Right off the bat this morning, soybeans are facing a troubling energy and currency markets as the US dollar is up 3.7% as this time and the Dollar/Brazil Real up 1.1%. However, there is definitely more to today then just those two aspects as a “risk off” tone is being seen in nearly all markets. Soybeans, however, have some strong headwinds to overcome now that the USDA January data has been released.
Without USDA data, I was relying much more on the “technicals” of the market then I had done so previously as I tend to put more weight into fundamentals rather than technicals. However, the markets do still breakdown……
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