Quiet day overall. The markets settled either side of unchanged. We have pushed to lows not seen in approx. one year. To break through may need to take some more bearish news. Although the weather looks fairly decent. The talk in the arena is that 1-1.5 million corn acres are due for replant or switching. In addition the Chinese market, especially meal continues to weaken. Further talk has Chinese purchases being rolled forward due to the weak crush margins forcing down time. The long term fundamentals are intact. However as stated volatility will be a part of our marketplace for the season. If handled properly opportunities will exist. Exercise caution, with opportunity comes equal risk. The oil share going home is approx. 34.4 % The highs for the last 12 month is approx. 37 %. This should ultimately be tested. Without a severe weather problem the bean market will seek a lower level. Patience
Be Well