The markets are marking time. The weather is a bit wet. The calendar is a bit early to get to concerned in beans. The fundamentals remain bearish if the planting is completed and a trend yield is achieved. The Global picture is changing a bit. The Chinese meal market is showing signs of sincere weakness. Crush margins are taking a bath in China. The demand scenario remains solidly intact for now. This needs to be watched closely. At the very least as mentioned the oilshare will be forced to carry a bigger percentage of the crush. The board has yet to reflect the global fundamentals.
Corn appears to be range bound for now. A further break will only be aided by the weather. The global picture has tightened up a bit. The corn offers some longer term opportunities potentially. Keep in mind the word opportunity means something different than a few years ago. The balance sheet needs to change substantially to see a $5.00 market again.
Be Well