I’ve been using the phrase ‘violently rangebound’ for several weeks now, with this week continuing the trend. We are currently trading one of the biggest potentially bullish developments in months, with Brazil’s weather as awful for crop development as advertised this past week, with large export sales reported in Thursday’s update. However, questions remain when it comes to global demand in the months ahead, keeping the outlook clouded enough to discourage the aggressive buying needed to push us through recent resistance.
In addition to uncertainty over what we can expect as the calendar rolls over to 2024, we are also working our way into the holiday season. There are about two more weeks left in the business year to accomplish much, leaving many market participants uninterested.
