Today my commentary is more general in nature. I will wait to see the USDA report on thursday. It is my belief there are some things that are out of whack. First the 2017/18 bean carry should remain above 500 million. The 2018 is working in that direction. It seems unlikely that the demand for export can stay at 2,290 bil. This is up 230 from last year. Regardless of the tariff situation china is changing some protein buying patterns. With a global carry next year at or above 97 million, this puts the stocks in a historic range. The markets have entered a new phase . Sell rallies. We are producing to much. In addition the oilseed availability in general is large. The corn is a conundrum. One that I cant figure. I am not a $5.00 corn bull, but I am not thinking $3.00 makes any sense historically. Corn demand remains robust. feedgrains in general are moving. This should continue. The weather is ideal. A big crop is to be expected. The global numbers do not warrant this price in my opinion.
” IT IS BETTER TO CONQUER YOURSELF THAN TO WIN A THOUSAND BATTLES. THEN THE VICTORY IS YOURS. IT CANNOT BE TAKEN FROM YOU, NOT BY ANGELS OR DEMONS, HEAVEN OR HELL ” BUDDHA
BE WELL