Tuesday, July 07, 2009

Soybean Complex getting crushed

Last week it was Corn, this week it is Soybeans. Soybeans had a nice run up that ended just a few weeks ago, but that trend is ending violently today. Soybean futures are currently almost limit down. Soybean oil and soybean meal are also getting smoked in a bad way. It appears that the green-shoots that the politicians and media have been smoking is of the kind laced with coma inducing agents.

Keep an eye out on the S&P next, it's forming a pretty nasty looking top that I have documented in previous posts. I'm looking to short this on a break below 880 or so.

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