SOY: The beans continue to work higher based on the size of the crop. In addition the recent Chinese purchases. The meal market led today based on the fact that Brazil and Argentina will not be sellers of large amounts of meal in the near term. The Brazilian due to being essentially oversold. The Argentinian due to the currency and tax situation. Watch the meal spreads as well as flat price for a minute here. The vegoil market continues to be supported globally for various reasons. This does not look to abate any time soon. The beans above 10.00 in my opinion are a sell opportunity for producers. It seems probable the current price will push the Southern Hemisphere into a larger planted position.
CORN: The corn continues to grind higher. Concerns over the Chinese corn crop could lend more support in days and weeks to come. It is also probable that the US will see further declines in production numbers in the reports to come.
Quantify your risk.
John J. Walsh
President, Walsh Trading, Inc.
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