Today USDA report is expected to decrease US ending stocks to a even more critical level. Part of it is already on the price, part is not, and recent price action, especially yesterday’s, seems to reinforce that there is still some upside ahead. If this prospect if confirmed, a good entry point may become apparent so it is worth watching today market reaction to the report.
…this adds to technicals, seasonals and fundamental drivers displayed on the chart below (click on it for further info) and commented here almost a month ago.
Another pro aspect are seasonal averages that show us a traditional rally on Decembers. Take a look.
Important also to note that a rally now has a good chance to be a last and quick breath unless something bad happens to South America 13/14 beans crop.