The Soy has rallied sharply. I have been traveling and was not posting. The weather concerns in SA have been a support. This to me seems overplayed. The crop in Brazil is coming down. However, the carry globally remains a record. It will be difficult to harm that. Given the farm payment from the government the price is over $10 per bushel. The Brazilian beans are offered cheaper than US. The markets can rally further. It is an opportunity, in my opinion. Look at new crop at or above 970 again. These are historically high prices given stocks to usage. Even with a drawdown in Brazil production.
The Corn remains supported. Given the current corn bean relationship the acreage shift theory is in question. The Brazilian early corn is under stress. Both these reasons and others equate to opportunity for the US corn. It is my thought that March can make a move to 390. The US carry could decline without an acreage increase. This could create an interesting situation.
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