Argy strike supports soy

Nearby beans continue to be supported by the ongoing strike in Argentina. Soybeans on the Chicago Board of Trade gained have 12 percent in the past three days, the biggest such gain since August 4, 1999.

Shippers are claiming forece majuere & some sales are being switched to the US further tightening the supply situation there.

Beans are down a tad this morning rebounding from these recent gains. However as long as the strike continues it would seem unlikely that we are going to see a resumption of the downward trend experienced over the last month or so.

Once the strike is resolved, and of course it WILL be resolved at some point, futures may well give up all of this week's gains & more depending on what the USDA have to say on planting intentions next week.

Chinese futures have closed lower this morning and the word on the wires is that "investors are reluctant to buy actively after earlier big fluctuations in agricultural products prices, and there are few signs that the upward correction will last long. The overall environment is not good for commodities markets, as sentimentremains negative in global financial markets, said an analyst at consultancyShanghai JCI."