The soy complex overall was uneventful. At times these mundane days actually can present quiet opportunities. The bean oil again climbed to 33% oil share. The recent high was approx 33.7%. It is my thought the market will test and ultimately take that level out. The global vegoil demand remains stout overall. The ARG price set back this week,while brazil gained. The long term growth remains intact. The US is no exception with the BO stocks at 1.4 bil lbs. This in my opinion is a long term friendly number. The question I have, now with the crush margins in retreat,when will the crushers slow the crush pace. If and when this happens a very significant oil opportunity could unfold. The oil share and the bean oil spreads could witness a nice appreciation.(no guarantees,quantify a risk) The meal fundamentals can play right into this with both the ASF in asia,and Argentina exporting at or near record pace. Look for beans and oil to slowly gain on meal. set parameters.
Be Well