The Soy under pressure again today. The weather was the driver. looking at next week. The USDA report will be awaited. Look for growing domestic carryover. This confirms a lackluster export lineup. The talk is the Brazilian crop is much,much bigger than the USDA has plugged in. If confirmed global numbers regardless of Argentina surpass 100 million mt. Unprecedented. The Bear spreads in beans and meal worked. The crush margins all lost. The next leg will come after SA weather is normalized and a confirmation of the huge carry. there are some new trend I look for give a call 800 993 5449 jwalsh@walshtrading.com to discuss.
The Corn continues to hold up despite bean weakness. I see some changes here. Not wild bull, but steady better market, based on fundamentals. This is key as we approach the USDA report. talk of China corn pricy enough that imports are feasible. Large S American production losses and the fund short position all add up to a interesting outlook.
Watch july/nov beans, july/dec meal, crush, corn/beans , all could have a big opportunity if quantified properly
Be Well