here is a major squeeze going on in both meal and beans right now. SN/SX is trading at 192 marking a 25-cent gain on the day. SMN is limit higher with the SMN/SMZ spread moving beyonf a 90-dollar inverse. Commercial entities have been caught with their pants down in July and are runningin to cover shorts. This feels like a blow off top but watch out for strength in crude to stupport our markets.

This entry was posted on Thursday, June 11th, 2009 at 1:12 pm and is filed under Grains. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.