The USDA report was fairly benign. The global carry was raised 1mmt. This represents a ample scenario at 96.4 mmt. The though I am attempting to convey is the relationship between the products could be the most important of the next six to twelve months. The oil share sits at 34.5%. The global oil stocks are tight by many accounts. The meal is ample. The global crush has been high. There are thoughts that the crush could slow in certain areas which could tighten up the oil. The meal is ample due to the ASF in China. The worst may be over there , however the growth is probably one to two years down the road. The next market moving issue could be related to Trumps deadline of the 15th. If Trump waits the markets could witness one more nice rally. The meal and beans would both be a sale In my opinion. Patience and caution are required. Look for spots and quantify your risk.
Be Well