Soy Commentary

John Walsh General Commentary, Grains Leave a Comment

Commentary: The soy rebounded today. The Chinese purchased 300 t mt of US beans. The thoughts are we should see more purchases to fill the late summer time slot. This is needed and gave the market a shot in the arm. There are many questions that remain given the overwhelming scenario we have witnessed. The planting progress is on par with normal at this early date. It is advised with a move above 870 old crop that farmers consider making sales. It is possible to move to a higher level, however some help will be needed. Help may come in the form of a weather issue. Or an issue in SA.  The products both gained today. The meal followed beans as is the case. The meal market given the crush margins looks to be oversupplied in the long run. Look at rallies as opportunities for sales. (Risk Quantified). The bean oil has found strength with the recent rally in crude. The slow opening of cities is a help. In addition more drivers as well as a rising stock market. The longer term has structural issues given the Bio scenario.

Trade Suggestion(s)
NA today
Options –

John J. Walsh
President, Walsh Trading, Inc.

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