There was a “show me the money” attitude in today’s trading as caution replaced yesterday’s enthusiasm in both ag markets and on Wall Street. Let’s count the many sources of hesitation.

Soybeans, meal, and wheat have all been overbought with high RSI’s.  There is known to be a lot of supply, but competitiveness is more uncertain with lower prices in South America and Europe. Market data is too dependent on derivative reports while the government is shutdown.  There is a trade agreement with China but its terms appear improbable given current market dynamics.  The Supreme Court may strike down Trump tariffs, which will undermine many of the trade agreements that have been negotiated, and pr...