Range-bound market activity continues as we will soon shift our focus to the K21 contract.
Nagual illustrated a good chart showing the consolidation of the market.
I understand StoneX (formerly FC Stone) will be releasing a crop survey tomorrow. Participants who subscribe to their service may already have seen the report. I would assume we see some positive remarks given what we have heard from others who did crop tours, most notably Judy Ganes.
I do not think we are expecting a crop estimate to add to Tango's table but hopefully it will be an insightful report. Interesting that we currently see that median number as low as its been in a few years. Of course other factors are different as we continue to live out unprecedented times. How will it all come together as we advance into 2021 ?
In short, I still favor higher prices as move forward,and I think most commodities will outperform(continued printing of $$, with more to come, continues to benefit various markets). The question then becomes, how sustainable is it?
Hopefully as we move towards a return to normalcy, other components of the market (i.e. demand)begin to do the same. Brazilian Real, COT positioning and of course other macro events remain key to watch.