SOY- The beans are under pressure. The USDA report gave false hope that 755 million bu is not ample. There is a more than ample amount of beans domestically. Looking at the market from a crush perspective. The July 168 pace is a record. The margins are solid still. The oil stocks at 1.47,friendly. The global demand for oil is strong. This will continue. The soymeal should continue to struggle under the ASF weigh. This is a global game changer for protein. It may take some time to change this. watch the oil spreads in the deferred.
CORN – The corn has fallen to a support level. The Gaps have been filled. The rally to 450-470 presented opportunity that may not be seen for awhile. Use rallies to catch up on sales. However remain patient for a minute. The govt rarely surprises then moves back against the surprise 30 days later.