The markets continue to advance on a tech look at the market. In my opinion the soy complex has separated itself from the cash fundamentals.
The USDA report is in front of us. The private estimates (Informa, and Stone) released over the last two days have confirmed the recent production numbers. The USDA has no real incentive to make any major changes at present. The carryovers are ample. Will the exports for new sales continue to lag. Most likely given the exportable surpluss in southern hemisphere. Also the recent currency weakness which has the farmer moving beans. It is my hope the market continues to rally into the report, this may well be setting up a nice opportunity. The weather in south America, aside from minor issues now has moderated and is overall positive for planting. The longer term outlook suggests more of the same. On a personal note, I just don’t see the bull story. Feel free to contact for any longer term moves we are considering.
Be Well