Commentary:
The soy performed well today if one is in the friendly camp . There are many aspects of the market to consider at present . First, the US carry has tightened. This is significant as long as the Chinese remain buyers . Second , the south american weather has been supportive . It appears the weather at present is improving . It is true more moisture will be needed . The last part today to discuss is the lack of product offers from Argentina . This could prove important in the near term . It appears that all oil and meal offers are being pulled from the export market . This will leave the US in the cat bird seat for a minute. The global oil market has been well supported and friendly . This could add to the friendly picture. The usda will release the US crush tomorrow . Continue to look for a record pace for this time of year. In short my humble opinion on how this potentially plays out . First the bean oil market continues to move higher . ( quantify your risk ) Second the bean market can work higher . The question is new demand . The weather is moderating so look for beans to follow bean oil higher potentially , while meal is a bit of a lagger
Be Well
Trade Suggestion(s)
NA today
Risk/Reward
Futures-
Options –
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
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