The markets were down across the board without much opportunity for a rally. The weather has been conducive to harvest and looks to have a open window going forward. The average yield remains within the range of expectation as far as the USDA estimates go. The market will watch harvest closely this week for any changes. In addition the upcoming wasde report that will put the yield solidly in place if confirmed. A couple questions going forward. Will the acreage be adjusted up for beans and down for corn ? This could affect the spreads there over the longer term. The oilshare is currently sitting at 34% this is approx. 2 % off its recent high. The vegoil market has been under pressure with some slight changes to usage and supply concerns globally have subsided. The last consideration for today is the dollar. The recent strength , is it sustainable ?
Corn
The corn was under moderate pressure all day as harvest picks up steam. The domestic carry remains more than ample. The US is situated ok in the global landscape at present. However, Argentinian acres are on the rise. It looks like a grinding market will continue in the near term
be well