The soy rallied back today. I don’t have a long commentary here today. The fundamentals are what they are. The question is are they baked in the cake at these levels. It is a thought for consideration. The market activity today is essentially an inside day. Tomorrow being Friday, a Friday before a holiday weekend. It will be important in my opinion to see the market sustain todays strength and get back towards a weekly high level. I am questioning the markets ability to do that. The recent private reports from South America are showing improvement in crops due to recent rains. This is fairly important. The next question will be the export window from Brazil. It is prudent at present to exercise caution. In addition, tomorrows close may prove important, in my opinion.
John J. Walsh
President, Walsh Trading, Inc.
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