Soy Market Commentary

walshtradingGeneral Commentary, Grains


The beans were lower early based on the weather. In addition the conditions improved 1% yesterday. This is falling in line with the USDA projections for the overall crop. The weather this past week indicates that an increase next week may be probable before the end of summer weather kicks in. The point. The bean crop is a bit larger than the USDA has plugged in. The big concern now will be if the Chinese buying slows. The economic concerns from China seem real. Also, the global vegoil market is starting to be over supplied. One of the main bullish drivers last year was the lack of Palm oil. This has changed, as well as rapeseed. The black sea is exporting a large amount of sun oil as well. The point, we are shifting the market in my opinion. Look at rallies as selling opportunities. I am watching the July 23 Nov 23 bean spread. The 81 high could be used as a stop if one is inclined to sell the spread.


John J. Walsh
President, Walsh Trading, Inc.

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