The soy lower led by meal. The markets are buy the rumor sell the fact this week. In addition, the weather in South America improves theoretically for arg and brazil both. This is to be expected. The desire is to find reasons to be bullish when there are actually few reasons. The crops are huge and the demand is declining. The Chinese will show protein demand declines for the first time in years. A 4 mmt decrease is expected where 4-5 mmt increases yearly have been the norm. The African swine fever continues to expand. This is not getting any press. Use rallies to make cash sales.
The corn broke back into support today. This area should hold imo. The corn has moved a sideways pattern. I ultimately look for an eventual breakout to the upside that could push new crop into the 430 level. This would be a hedging opportunity. The fundamental picture remains intact. The demand base is solid. The feedgrains continue to offer support. Be patient in corn. There are opportunities imo to buy futures and sell puts.
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