Overnight was proof that you cannot go in one direction in the commodity markets until it reaches its goal. The delayed CFTC report was the most likely culprit in the bounce as beans were much shorter than thought. Weather has not changed since yesterday for SA forecasts. US transportation will be in full implosion for a few days as rail, truck and river modes all have issues in parts of the US. The Mississippi is shut down below St. Louis. Rail shipments have lines under water in places as well as roads closed on interstates and other lesser highways. The good news is that should be short lived, a week or two for the most part. The cold weather though is one more factor to impede rail shipments with snow and diminished power affected movement. Spreads show an inclination to increase in deferred months as the realization that we will carry over a burdensome amount to next year is beginning to set in. OI in Jan beans dropped 16+K yesterday and products lowered their amounts appreciably as well. There was a nice uptick in volume yesterday as it appears a few traders returned from holiday. Tomorrow is last day to safely be long Jan.
futures without risk of taking delivery on Thur. That said, only oil has registrations currently to fear. Look for the trade to open higher, but struggle to keep any momentum and probably fade a bit into the close.
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