The soy has alot to deal with. Looking at the macro. The acreage is a question. However a 2-3 million acre loss does little to change the global balance sheet. The beans are bearish. The Chinese remain slow to the table. Exports remain overstated. There are current sales that will most likely get rolled forward. With or without a trade deal with China, It seems prudent to focus on the relationships. the oilshare is slowly starting to pop. The meal has a long road ahead with all the beans. The Black sea is crushing competative seeds at a rapid pace. The Argentinian crop was plentiful. the Crush will be big and meal available. The US becomes a taker, not a price maker. Watch the deferred meal spreads , moving to wide carry. Watch the bean oil spreads,at a carry now,but with a slowing crush they could move to even.
