While certainly not unusual, the overall news is rather sparse for this final week of 2021. Late yesterday, some weather models did increase the chances for rain in Southern Brazil for next week and beyond, which let a bit of air from their rally party balloon. Still, conditions are not expected to improve much in Argentina. Barring some type of unforeseen shocking news over the next couple of days, one has to suspect that prices will remain semi-lethargic. It is worth noting that on a weekly closing basis, the only time we finished higher than current values on the combination chart was back in early May, when prices had reached their peak.
While there will be periodic reports that markets will need to digest over the next few weeks, it is probably not inconceivable to think grain and soy markets will basically tread water between now and the release of USDA reports on the 12th.
One must suspect that seasonality has to have played a factor, but the pending homes sales figures for November would appear to suggest that the real estate market and nyc rentals may have finally cooled off. According to the National Association of Realtors, pending home sales in that month declined 2.2% from October and were down 2.7% from the year prior. Economists were expecting to see a monthly increase of .8%. The prices of existing homes nationwide appear to have leveled off during the past few months, after reaching a peak in June.
In the macro scene this morning, we find energies higher, metal under pressure, Bitcoin firm, equities a bit higher, the dollar under pressure, and financial instruments sharply lower.