In spite of better weather in South America, there hasn't been a real collapse in soybeans, says Jerry Gulke, president of the Gulke Group. They’re still higher than two months ago and the corn is in a sideways trading range.
“The markets seem to be buying time and price movement to try to break out of a sideways trading environment,” Gulke says.
Beans have been in an upward channel for 10 weeks now but we aren’t making huge gains.
“That’s indicative of a sideways market," says Gulke. We need something fundamentally to happen to change the attitude of the markets, a black swan event, as he puts it. Unfortunately, that's something we aren’t expecting to happen.
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