Bad Omen?
While I would not go so far as to say it is necessarily a bad omen, it is unusual to begin the week nearly devoid of fresh news. Yes, we have seen the announcement of a couple of export sales; 132,000 MT of beans were sold to China and 110,000 MT of beans to Bangladesh, but nearly 80% of that total will be for the 2021/22 crop year. That really leaves us with last week’s supply/demand reports (old news) and weather (no major issues yet and a moist weekend for the Midwest) to focus on, which has obviously left the trade somewhat uninspired. Corn has picked up the mantel to function as the captain of the bull team, but as a whole, the three markets remain in a state of limbo. With long-term indicators tilting lower each week, it would appear that we are going to need a steady drip of positive news just to maintain the status quo.
The US Dollar has begun the week with a slightly defensive look, and this after suffering one of the largest down weeks of the year thus far. Over the short to intermediate-term, the dollar is looking just a bit top-heavy, and we may have completed the first leg higher for the year. Keep in mind though that long-term charts appear to tell us we have a major low in place and should see generally rising values in the months ahead.
Looking at the other macros as we begin the week, we find energies higher, metals lower, financial instruments slightly lower, and equities slightly lower as well.
