The USDA report tomorrow will have some effect on the market. I have little to add. To briefly recap some of my thoughts. The recent rally in beans is driven by short covering and some global demand to the US due to the difference between the SA market. This presents an opportunity to sell into a rally for old crop. Look for new crop above 920 nov as a selling opportunity. The Brazilian and Paraguay crop are getting planted at an extremely rapid rate. More acres and early harvest is the goal. If the reality comes to fruition, more competition earlier. The meal rations in China are being reduced. No new flu cases in the last 24 hours. It is my belief meal is close to a high. The long term prognosis is plenty of protein in my opinion. The Black Sea sunflowerseed crop is estimated combined up over 3 mmt. This will advance more crushing as well as more protein available. There is little else I have to say, let’s see what happens tomorrow.
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