The Bean market was unable to push to new lows over the last two sessions. Now we are awaiting the weekend and a look at the Argentinian moisture levels. In my opinion the markets look for the news they want. Meaning we have been rallying based on the weather, if the funds want to buy they will site the weather. I have a disconnect to what is going on. I understand the concerns. However we have very wide basis domestically. The pipeline is full. We have 2 times the beans as the last couple years and the global supply is big. Smaller than a month ago but Big. July went to 1090. Close t0 11.00, perhaps the market will attempt that again. Use any further rallies as hedging opportunities. The next concern will be domestic acres, which by most accounts will be up.
Corn. The market has backed off its highs. Perhaps a near term top. The market wants to see acreage, then early weather will be important. The corn needs a good year to maintain stocks. A rally could unfold if we have any planting disruptions. Any further breaks at present should find support. As I have said all week, however, my near term objective in corn has been met. Enjoy the weekend
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