The markets revert to mean on a regular basis. In my opinion. This makes protracted trends difficult The oil share is approx 32-32.5%. It is my thought that the market could move to 35.7% The current fundamental outlook calls for more bio fuel use. More vegoil imports into China. This while competing proteins are displacing meal. Not to mention the Arg export program. this will continue to be a thorn in the US meal market. The positive for meal is domestic growth if the Chinese continue a strong global import pace for meat.
The Corn in my opinion should now be in a low end of the range. A couple questions1) What will acreage be. 2) Is the yield there. This is harvested yield,not a count from a digital image or even walking the field. Actual test weights,fill, etc. This could present a opportunity. Caution however is advised as the southern hemisphere,and black sea will offer stiff competition.