The soy is a bit back and forth. The key aspect to watch in the market may be the crush and oil share. The soy is pressured due to the prolonged summer weather. The late seeded beans will most likely be able to reach maturity. This bodes well for yield. In addition, the SA weather looks to improve in the next week with moisture called for. The board may rally a bit more with the Chinese recent buyers. A protracted rally may prove difficult. The Meal and oil is where the action is. Look at oil share at 33.7% , recent highs.A close through may open the chance for a move to 35.7%, Quantify risk. The meal will continue to struggle with the ASF a real problem now spreading to South Korea. In addition the Arg crush performing well , pushing meal into the global market
The Corn is in a interesting position. The funds are short. The Mexican crop is short. The China Economic rural center claiming the Chinese corn stocks now at 56 mmt, If true approx 150 mmt have gone by by. In addition the Southern Hemisphere probably will plant more beans. In my opinion the Corn may test the gap left in the 390 range. This may be a building period for bulls. As always quantify your risk.
Be Well