The soy complex along with the products broke a bit today. The market is hesitant to be aggressive inter day with sales. This is due to the month and the net short position. The fundamental picture remains bearish with plenty of supply. Without a weather problem this will catch up with the price. We are currently priced high from a historic perspective. The south American crop size will be difficult to deal with through the marketing year. The demand base has been strong and projections indicate this will continue to be the case especially for beans. We are certainly in a window where rallies can come at any time. These rallies in our opinion offer hedging opportunities. There are opportunities on rallies to sell calls,with the wings. And buy puts. Marketing will be very important in the next 12-24 months. Please call to discuss any strategies under consideration
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