The harvest continues to roll along at a nice pace. the soy complex may chop around waiting for a confirmation next week of yield from the usda report. A confirmation that yields are holding up may send beans back to test the recent lows in the 9.00 level. The reality as I have said is the domestic and global stocks continue to build over the last three years. This inspite of the fact that demand remains at or near record levels. There are still some weather concerns in both argentina and brazil, this continues to give the bull camp some strength.
The corn continues to grind lower almost daily. The corn like beans are moving at a swift harvest pace with yields fairly consistent. A break below the lows could send corn back near 320. The general feeling is that the ag community is selling beans and storing corn. This creates a long term issue as the market never has a selling that bottoms us out. Rather a old crop stock situation that will overhang the market. The ample global feedgrain scenario only adds to the bearish situation.
In outside markets the dollar is showing some strength. This does not help the bull camp.
be well