Ag Commentary

John WalshGrains

The market came under pressure today in both beans and soymeal. The meal actually was the downside leader. The weather looks great for continued harvest progress. The yields remain within the usda range of expectation. The focus on the fundamental front will shift to the south American progress as we wind down domestically. The weather there is improving with pockets of problems in both Brazil and Argentina. It remains to be seen if the Argentinain corn crop is fully planted and some more bean acres are added.  Related to beans  The US is slapping argentina and Indonesia with dumping as it relates to biofuel. The minimum tariff is 50% and greater. This is really already part of the landscape but remains important and a reminder of the domestic posture towards veg oils.

Long term possibilities. watch the meal, may be too high in the long run

watch the crush  may be to high in the long run

oil relative to the beans and meal may present value

for specifics please give a call

Be Well