Good Afternoon. The soy complex had a back and forth day. When the bell rang the beans and oil were plus while the meal market sold off its high. The most important aspect to todays session was the oil share closed above 34%. A recent high and a signal that perhaps we will see some follow through. The soy complex story remains consistent. The world is very well supplied with beans and meal. The veg oil market remains friendly with the bio fuel demand and also a bit of tightness in competitive oils. These fundamentals may very well last through the summer. It will be important for a large oilseed production number. Not as much for beans as for the necessity for growth in vegoils in general. Look for rallies in beans as a hedging opportunity. The fundamentals will be there in the long run.
Be well