COMMENTARY: The markets were sideways to lower this week. The weather looks to improve here in the next week. The recent rains have also been somewhat beneficial. The weekend may prove important for prices if rains are received as predicted. The products are at an important stage in my opinion. The oil share has lost ground here and is back around 46.7%. This is interesting. The soy oil is a bit more expensive than competitive markets. However, the canola in Canada is way under what is needed for production. In addition, the Palm oil is now starting to firm. I held the belief that the oil share could trade up to 50%. I am now looking at the recent pullback and attempting to figure out if this is still in the cards. The beans in my opinion may start to ease. If rains are received, and the Chinese demand continues to decline year on year. The meal was the weak link. Now I wait to see if that resumes.
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
800-993-5449
312-208-8836
jwalsh@walshtrading.com
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