The soy was under pressure this day due to the complacency of the marketplace at present. The market seems to feel there is ample supply. The South American weather while not perfect is overall pretty good. The long range prospects are for more acres. In addition there is still a lack of clarity with the Chinese demand. All of these thoughts could leed to a very mundane slow holiday trade. The one constant has been the oil share. Although this has been choppy as well. Exercise caution and patience.
The corn continues to drift lower. The USDA confirmed a smaller yield. However the demand continues to decline. The reality of the corn is that the global competition for feed grains in general is fierce. Perhaps a weather problem is what will be needed to spark a change. A couple things to watch. It is likely in my opinion that the USDA may reduce again in the next report. In addition , there may be some corn that remains in the fields. Both of these thoughts could lead to support between 365 and 372 basis dec. The big question here as well as beans is will there be a friendly catalyst. As always quantify your risk.
BE WELL