I must admit I am perplexed by the markets. Perhaps there are new days that dawn in markets. ( I don’t believe this) I believe in the theory of reflexivity. The origin of this theory is perhaps George Soros. No political interest here please. A genius investor, there has been no doubt. Markets tend to move in a direction, Macro, until some major occurance effects a change. My question now is what will need to happen. Global bean stocks at or near all time highs. Stocks to usage near highs. Global oilseed stocks, ALL TIME HIGHS. AND GROWING. I don’t think prices have ever been at $10.00 PER BUSHEL UNDER SUCH CIRCUMSTANCE. Yet here we are both beans and meal relatively higher than all other row crops. I hope that many of our customers are taking advantage of the recent rise. Perhaps further appreciation will bring out new crop sales. This in my humble opinion is not sustainable. The weather in Argentina is the reason today. Participants tend to look for reasons to go along with prices. The Brazilian crop is getting larger, and as they gain more and more global market share. Lets see what next week brings.
