In This Post.
* US Dry Bean Harvest draws to an end
* Soybeans, Wheat, Corn stay afloat treading water
* Hurricane Sandy shuts down markets early part of week
Well baseball fans its that time of the year again, the US dry bean harvest draws to an end as the San Francisco Giants sweep the Detroit Tigers in the World Series. Seems North Dakota is doing pretty much the same in terms of providing light colored pinto beans this year to the market. Generally, lighter pintos are translated and viewed by major consumers into higher quality beans, but major light colored pinto bean producing states are finding themselves in the awkward position this year competing & marketing their beans against North Dakota growers, who have wasted 1 of their 3 wishes by the genie in bottle.
Dry bean prices yo-yo-ed last week for most bean varieties as the dust is still settling across the market. Corn is sitting in the lower $7’s waiting to see if soybeans wants to see what sub-$15 feels like again, while wheat and rough rice feel more steady as of late. Hurricane Sandy is helping to establish a slow start to the trading week as US markets are closed Monday and possible Tuesday. Traders seem to be defensive in the early sessions across Asia and Europe. With early voting elections underway in the country, I think this may be the calm before the storm (no pun intended) before markets go through real price action across various commodities, stocks, and other investments. Feels like the whole country is just waiting for election results before deciding what to do next.
Bottom line: Waiting can be a position, so let’s wait.