The beans took another beating today along with the meal. The weather in South America offered a bit more chances for moisture. There remains some long term questions regarding the dryness. The export sales remain disappointing and are well behind a year ago. This will add carryover most likely in the next report. The technical outlook now offers support and will until the market breaks down below the moving averages. The point is that there may be another jump higher if the forecast turns back dry. I have been bearish for some time. It is clear we have a more than ample supply of soy globally. However, the technical aspect is what is driving the markets. We should continue to experience much volatile price action. Risk is high.
