The USDA gave us the report. Plenty of beans domestically. Now the debate, where is Argentina? Truly, it means little. The world has 26-28 mmt more than 2.5 years ago. It is ok to try to figure all this out. I would like to say, it is time to look at the other side of the coin. We are producing more than we use. In days gone by, this creates Bear markets. Today, in my opinion, people don’t want to believe it. Any rallies from here, present an opportunity to the producer. The next thing to watch in the Soy, is the planted acres. They should rise. It is my contention we are witnessing a change in the soy vs corn relationship. The domestic pipeline is full, new crop prices should be sold. It takes a big issue to change the balance sheet.
John J. Walsh
President, Walsh Trading, Inc.