Well there is not much new regarding the soy today. the market will await the fri usda release. Unless a surprise pops there is to much soy in my opinion to warrant these prices. Friday could confirm this belief or offer something that changes that direction. The global export supply is healthy. The Chinese have purchased a bunch of US soy. ” a bunch is not a formal measurement”. A little bad humor. Any way. These prices are presenting value and opportunity as I see it. The perception of markets can change in a split second. Then prices change quickly. Lets see what fri offers.
The corn. Do we have a rally in front of us ? A good question. We can close the march above 382.75. I read a article todasaying what if the govt doesnt reduce the yield much. here is my question. What if the yield is reduced more than the average guess. Then we have a tightened balsnce sheet. The corn in my opinion cant afford that at present. I still believe the corn is friendly and there is more upside. As I always say quantify a risk. The market will await friday.
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