The market moderated today, However the meal still was the price leader. The balance sheet in Argentina is being reduced. The Brazilian crop size still needs to come up. The question going home, in my opinion is will rains develop in argentina. If not perhaps meal has another move. The bean stocks in south America remain high. The sales given currency values should start to flow. this will serve to keep a lid on beans. How much will global meal availability be effected. This remains to be seen, and is predicated on other protein sources as well. The global oilseed stocks are at or near records. In the end it appears prudent to make both old and new crop sales at current levels. This could end quickly.
The Corn has a bit more room to the upside potentially. The US is the cheapest for export. The global balance is tightening. The US acreage should witness shifts given the appreciation in beans. It is also the Crush margins that will fuel the advanced seedings. Lets see how the long weekend goes.
Be Well