The Soy was up early and eased towards the close. There are alot of considerations. The acreage was a surprise. This obviously was a reason to push higher. the outlook going forward will be dependant on domestic supplies and the ability for the US to compete in the export arena. The Argentinian situation is dialed in. The question now is the US weather and planting progress. Will the corn be late in the Delta. Will more acres go to beans if the weather is wet. The domestic and global supplies are more than ample. There are analyst predicting a 300 2018 carry. I dont see that. The carry can grow from the current level. Although demand has been good,and given the ARG situation should remain stout. The oilshare is approx 29%. The meal has been the product leader given the drawdown in the argentinian crop
The Corn has reason to remain firm at the very least. Given the acreage estimates the corn carry will come in approx 1.6. This is a significant reduction from earlier expectations. This number will be friendly until the crop is made this year. look for corn to show further gains if the Delta remains wet, and or any weather problems rear their head. To discuss opportunities give a call 800 993 5449 jwalsh@walshtrading.com