The crop condition ratings will be released today. Most are looking for a decline in beans of 1-2 % . Im not sure this will be the case as the temperatures have moderated. In addition rains are falling in the central and eastern belt. The west still has time for improvement in the next three week period if,again if rains are received. This has been a interesting year to say the least. The Chinese will begin some soy auctions as the meal market is currently weak there. The end of the summer can present problems for the bulls as the harvest pressure starts to build. Looking out the next year crop prices may prove to look very high if the season ends well for production. The market will start to look at the South American planting. in general thoughts are a slight reduction in Argentinian planting, while the Brazilian should add a few acres. The end result could be a large crop that further adds to the global balance sheet. Perhaps we are looking at a 100 mil tn carryover into 2018. That’s a lot of beans regardless of demand. As always quantify the risk
Be Well