The markets show modest gains today based on some sales to unknown and China. It is my belief that the markets are over supplied and therefore overpriced. Given the time of year the harvest should start to roll. The overall weather pattern remains in tact for a reasonable unincombered harvest window. The yield reports are variable depending on the source. It is important to note that the yields do look as though they are in a close range relative to what the USDA said. This is important also because there is a school of thought that the acreage may very well go up in the next reports. If this transpires the carryover will jump to 500 million. The south American weather now will become important. Either way it is my contention that rallies are opportunities as we approach harvest.
be well