Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
While Wall Street consensus wants to (needs to) believe that “the bottom is in” for The Cycle, neither the PBOC (Governor Yi saying to expect a “protracted slow-down” post China’s underwhelming PMI print of 50.2 this AM) nor EM Equities believe that:
That’s right. We’ve had a “deal” with Mexico for a while now and what did that change? It’s not changing demand for the beans in the alleged #BeanDeal either. Soybeans deflated another -2.3% last week to -7.3% year-over-year.