Soybean Meal explodes 11%, in 6 days. Inflation Dislocation?
There is a lot going on so just page through some of those beautiful charts with my take on levels. Beans meal spread several ways are at an all time low on the longest term chart I use, but check out the data and how far back in goes.
Commercials trying to buy Wheat in the field, paying 30 over. I am bullish KC wheat. MINN wheat- Buy JULY Sell SEPT neg, last year went to 90 cents over with no story.
Who cares about World Wheat stocks. They ain't helping Ranchers in southwest. Buy KC on any break. You don't want to hear how high. Wheat even with soybeans? Depends which wheat but your broker probably knows which one.
Everybody is all jacked up on weather concerns. Its got to be getting kind of funny for you guys to see how my OLS here, work goes against what the crowd, mob opinion leans. Now I am nervous on being short beans against these ols sells here. 5 cent stop risk. Buy KC on any good break imo. And all gaps lower on break.
BEANOIL- See how the blue diamond pattern, my timeframe give clear concise chaos and panic that goes on. Look to do this in overnight. Maybe meal can go tag ols but it closed $8.00 off high which was a few bucks away.
Oilshare- momentum has broken 200 points, oil losing to meal and this is fast. Do we totally dislocate and go much higher? It always feels that way to me, stop over 1030 in ZSEK in case they go for the next higher set of levels.
Corn losing steam, under last weeks highs, CK levels to sell, 375, 3.76 7/8ths ols1 and 378. 3/8ths a few Olive sell levels. 3.81.5 is a half way back above that.
Beans meal spread at all time low, beans cheap to meal. I would not have guuessed, 50 sn by 200 meal is ratio from an old timer grain trader spreader.
Soymeal just rallied 11% in a week. Remember what Tudor said. Macro moves and I find you those opportunities.
NAT GAS APRIL DID HIT and hold OLB, May missed by a few bucks but close, reversed up today.
Expect dislocations at any time in just about anything. US dollar held half way back on this 90 tick, 1% break off those necklines we sold last thruus Fri.
US Dollar had a sell 90.445 hit and filled, now a red support.
Sell OLs are in the charts only if your looking to sell this rally.
The NASDOG olive line-
The number that hurts the greatest amount of traders.
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Alan R. Palmer