There is not much to comment on with respect to today’s activity. The feature remains meal strength relative to the complex. I would venture to say that without meal strength beans would be under pressure. The funds remain very long. The concerns over the rosario port will be yet another reason to push meal higher. The weather in the Delta remains wet. The talk is that acres are moving to beans. Lets see how the USDA views it. Always behind the curve. The Chinese have not been active buyers of US beans, as mentioned here this week. Is this really tariff related. It seems many things are going on in China at present. The end result will be lost demand that equates to a larger old crop carry, which ultimately is real. Demand missed is demand gone. Lets see how Friday plays out.
The corn was very quiet all day. The market is awaiting the acreage numbers. The rest of the puzzle is in place for further gains. The numbers are mildly bullish and could become more so with the right situation. The US will continue to see demand especially if the Brazilian crop remains under stress. This all opens a longer window which ultimately will draw on stocks.
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