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On the Grains
Overnight grains are all on the firm side as of 6am. Yesterday’s action in soybeans was especially impressive. Rising palm oil prices are boosting SBO and even though China has been focusing on buying Brazilian beans, their demand has been surprisingly strong. Prices in Dalian have rallied past the U.S. equivalent of 1450 and the highest in two months. On the May chart, we broke the downtrend early last week, tested the point of breakout by Friday, but have now taken out the prior high to form a fledgling uptrend line. Even more importantly, it closed above the 50-day moving average, which could trigger more short covering by funds.

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