Meidou is bearish in the medium term, seeking short-term rebound momentum

Gold Ten Futures August 20th news, for 2024, it is expected that in August-September, under the background of domestic accumulation and small trading space for US bean production, the low point of US bean is expected to be 900-950 cents/watt according to the relationship between historical warehouse-to-sales ratio and US bean price; from the perspective of the disk, the valuation has been in a lower range, and the current poor profit squeeze has led to a decline in the purchase of ships, a decrease in domestic supply and demand in September or a slight improvement; after November, following the trade war and the planting situation in South America, the disk may fluctuate greatly due to the expected changes in the warehouse-to-sales ratio. If there is no expected improvement in supply and demand, US bean will continue to be lower than cost until April-May 2025. It is expected that the US beans will be bearish in the medium term, and the current valuation is low. It is recommended to wait and see in the short term and gradually look for rebound momentum.