The soy complex is rallying here a bit. Short covering? Perhaps. The time of year? perhaps. The Chinese demand has been stout. The meal market in asia has had a uptick as well. The reality of the market is that the global supply is very onerous. The market has a lot to deal with. the US has much long term competition in place. The protein market is very well supplied as the global crush has run at a strong pace with the available supply. In addition DDG has displaced more traditional meal due to price. This trend has no reason to change given the global carryovers and supplies. However, None of this commentary means the funds wont start a buying spree that pushes prices higher. I remain a bear due to the long term fundamentals, Rallies are opportunities but always risk needs to be quantified. The weather now will be key as well as the Dollar. Given the global turmoil the US place in the world is very important, and very volatile. Exercise caution. No sure things except for death and taxes.
Be Well