The Soy complex was quiet today. However the product relationships may prove to be key. The oil gained on meal today. The fundamentals for bean oil remain supportive as the global supply is a bit tight while palm attempts to replenish stocks. This trend may last into sept oct time period. This if realized will allow oil share to continue to show gains. The recent highs were approx. 37 %. We currently are 33-34%. The long term fundamentals remain solidly intact. It is early on the calendar and the market may need to mark time till further weakness. However, without a weather problem the global supply situation will dictate a 8 in front of bean prices ultimately.
The corn has been weak over the last couple of sessions. The global feed grain scenario is bearish. However the funds are short and the time of year gives rise to concerns over planting. This may allow the market at some point to witness a short covering rally. Rallies should be viewed as opportunities
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