The soybean market rallied very strong just after 6:00AM this morning. Traders are considering selling the bounce on what appears to be a lack of fundamental news. This could prove difficult after both the Dalian and Paris futures markets trade higher overnight. We could see a push for bushels out of China in front of the upcoming Chinese New Year. Nothing slows the market down more than the Chinese New Year. The US export sales will be delayed until Friday morning. Reports indicate Egypt cancelled a tender for Soybean oil on elevated price levels. Most eyes will be glued to the FOMC release this afternoon. Outside markets will likely have a strong reaction to the Fed Policy stance.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.