The soy closed higher based on funds. The meal was not able to do much. The markets are essentially mid point of the recent rally. Where we go from here is dependent on demand and the planting estimates. The estimates are coming in with a expectation for 1-2 million more bean acres. This rally has helped producers and should be used as a hedging opportunity in my opinion. There are rains forecast for parts of Argentina. The global availability remain robust. The US will see demand due to the production shortfalls. It has been my contention that is necessary with the growth in domestic stocks.
The Corn under performed today. A bit of a surprise given the bean strength. The corn may have scored a temporary high. The fundamentals are a bit supportive,and any breaks should be shallow in nature. The reasons mentioned for the last month remain in tact. The market will now eye acres and weather.
The dollar was a bit stronger today. The Kudlow hire may have a positive dollar effect.
call 800 993 5449 or [email protected]