COMMENTARY: The soy has been volatile over the last week and a half. There are potential changes going on that could have an impact. As suggested there will be increased volatility and risk throughout the summer. The feature of the week in my opinion has been the overall weakness in the bean oil market. The Argentinian Bio market is in flux as the govt changes the blending rate. This would leave more bean oil available for export. This could change the global landscape. This has pressured bean oil sending the oil share to 46.8% approx. The question now is will the Parana river allow for exports. This has been an ongoing problem and needs real attention. The blending rate would be immaterial if the exports are not able to proceed. The weather looks to remain questionable. This could be important in the near term with the beans entering critical phases. As mentioned before, we need to look at old crop and new crop opportunities. It does appear that meal may have a bit more upside. This is corrective in nature in my opinion. No strong ideas today. Patience and discipline perhaps will be rewarded.
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
800-993-5449
312-208-8836
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