COMMENTARY: The beans were higher overnight due to some Chinese purchases. This has been a feature for a few days now. As the day went along the market eased. Especially the Aug contract which closed sharply lower. The market will await the USDA report tomorrow. The average guesses are expecting a production decline. I remain unconvinced this will be the case. Having said that I am not offering a prediction. I will say in my opinion the market has lost sight of the fact that the current price of 13.50-14.00 remains historically high. A surprise tomorrow could tip the scale. The market, again, in my opinion will need a lower number to continue to feed the bull story. Lets see what happens.
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
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