COMMENTARY: The soy has rebounded here again led by the bean oil. As I have mentioned, the global vegoil market, while not on fire, is supported. Especially after the recent pull backs. There is little to say today except that the USDA will release the acreage estimates tomorrow. The acreage will allow us to attempt to draw conclusions regarding the carry numbers. It is early at this point and therefore there will be assumptions with yield. It is my contention that the acreage may be larger than the average analyst has estimated. This, if true, would have ramifications. There are at present some concerns again that the Hog market in China is suffering from some ASF in some specific regions. This could be a consideration. The weather risk remains, especially for beans in July and August. The recent weather has helped however and offered some sustaining rain events. Let’s see what tomorrow brings, this could be a mover of a day. Quantify the risk.
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
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