The soybean market has lost momentum. The market hasn’t been able to trade and close above the key level of $12.00, even with all the bullish news of Chinese demand, tightening stocks, and drought conditions in Brazil.
While Florida and the rest of the Gulf Coast deal with the aftermath of Hurricane Harvey and Irma and the energy markets assess the short-term demand destruction, in the bigger picture for energy, we are getting very bullish data in supply versus demand.
Oil prices and petroleum products are starting to deal with the recovery phase in Florida and Texas and the rest of the Gulf Coast. Gas prices at the pump are showing signs of stabilizing as refiners come back on line and fears of demand destruction as places in Florida and in Texas are cutting into local demand.
Markets dodged another bullet as Irma was bad but not as bad as it could’ve been. That’s not to make light of the situation, it was a category 6 just the other day. But before any of you get excited Jesse Colombo @thebubblebubble tweeted a report from that Harvey could result in 300,000 new mortgage delinquencies.
AccuWeather reports as Harvey continues to gather strength and moisture, the hurricane is poised to stall over coastal Texas and unleash life-threatening and disastrous flooding into next week.
Growth braked more than expected in Q1 as harsh weather dampened consumer spending.
Economic stalled in Q1--we already knew that--but we didn't know the impact it would have on stocks this late in the game. Blame the weather.
Winter weather significantly slowed vehicle sales, dampening bullish expectations.
Natural gas futures fell in New York as forecasts signaled lower demand following the impending Northeast winter storm.

New York officials told residents to stay at home as a blizzard forecasters call “life-threatening” may dump as much as two feet of snow from New York