IKN

a consummation devoutly to be wish'd

Chart of the day is….

….soybean futures, weekly candle chart.

“Hey, do some more of those commods charts, Otto” was the mail I received after the the sugar one yesterday. Yeah no problem and here’s the chart that shows how the bean is coming to the rescue of Argentina and allowing it a trade surplus.

In fact if you check the Argentine Central Bank currency reserves (now at U$43Bn) and then its owed position (around U$14Bn) and then mull and ponder about the net exit of U$23Bn or so from its financial system in the first four months of this year, you begin to realize just how vital this recent bean rebound is for Klishtina and company.

Meanwhile, back down from the weird world of macroeconomics, how about a trade on the soybean redux? There are plenty to choose from , but I note the same shape shown by Bunge (BG), one of the region’s biggest beanmovers.

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