The complex came under pressure today actually led by soy oil. However all three, the beans, meal and oil felt the selling. The weather in South America looks good for planting and for early production prospects. The argentine crop will need some moisture come December. There remains plenty of time at present. Given the talk of a productive start thoughts now are that the US export pace is overstated. This is true and something I have talked about for some time. The thoughts are anywhere from 50-150 million bushels. This puts the domestic carry at 500 plus depending. Plenty ! The Chinese are slowing purchases given the start down south,also, the carryover situation remains more than ample there. There is talk that the Livestock ration will start to reduce the soymeal component given the availability of other protein and ddg. The reality of the marketplace is that without a severe weather problem the world is over supplied. Rallies need to be taken advantage of. The currency relationships as well are making the US a overpriced market. This fact should continue
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