Just FYI,
MARKET UPDATE JUDY CRAWFORD TRADES FOR TUESDAY, OCTOBER 6, 2015
For some time beans have consolidated and technically suggested a bottom on their daily chart. One thing was for sure, if they sold off under 860 they made it clear they did not like being there. The exact same day they would rally right back over that level and into the “comfort zone” of their consolidation. Yet they would not break out to the upside. In the meantime meal kept drifting lower while bean oil struggled to find a temporary bottom for a change. Since beans tend to follow either the meal or bean oil, it now appears they could have been waiting for either meal or bean oil to get its act together. And that could be changing. Technically bean oil may have found more than a temporary bottom. It is clearly in an uptrend on the daily chart and as of this week, it is triggering a buy on both long term charts. It has been some time since that has occurred. So possibly this consolidating is telling us two things: beans are at a bottom and beans are waiting for either meal or bean oil to bottom so it can follow one of them again, as is its normal pattern. And it could just be that this time around meal will be handing the reins over to the bean oil.
