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Bean oil fails its 200day WMDA despite Asia trade bounce

Strong Dollars and WASDE dawning of reality behind Argentina crop adjustment that barely dents world carry out of Soybeans remaining at just above 100 Mil MT inventory for the 22/23 crop season (2X a normal Argentina crop). Oilshare is also falling and headed to 36%, not seen since Feb2021. More importantly and related to Soybeans is corn that is most surprisingly plentiful since it is a rotation crop with beans showing >296 Mil MT of inventory carry out for the 22/23 season which is higher than last estimate. Overnight surgical strikes on Ukraine didn't dent strong US$ which is bearish all commodities as CRB Commodities index hangs on a thread. Only peace in Ukraine can resume a bull cycle.

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