Dashboard gauges show cooling market outlook for feedgrains and wheat, but warmer for oilseeds

摘要

Last week's December Supply/Demand revisions from USDA weren't quite as price friendly as the previous month for feedgrains and wheat. One still can't call the outlook bearish, however, unless January updates continue to show deterioration in the fundamentals. Then you have a trend change. And that's what traders care about because a shift in trend indicates that price has been doing its job of either slowing down or encouraging consumption to cure imbalances in supply and demand. As always, our economists do everything possible to anticipate such things and may well advise market moves ahead of the next batch of reports. Oftentimes markets anticipate the government reports and if you wait until they come out, you've already missed the move. In oilseeds, the gauges are more price friendly than last month, for reasons explained in the center box, next page.