It is bullish for the price outlook when deliveries are light or non-existent on a futures contract. The were no bean complex deliveries assigned on August futures last evening. The oldest long dates are:
Meal: 23 December 2020
Oil: 29 June 2022
Beans: 24 February 2022
Bulgarian farmers are blocking roads to protest against cheap grain imports from Ukraine. All the roads the grain trucks from Ukraine travel are blocked. Imagine being a hungry person needed that cheap grain and read about this protest.
Now that Senator Manchin has agreed to support the latest government giveaway, The Inflation Reduction Act, all that money will have to be printed and most of it will go to people who did not work to earn it. The printing and people getting it without producing anything to earn are both pure inflation drivers. The US inflation fire will have several gallons of gasoline poured on it.