COMMENTARY:
The bean market corrected today. The trend has been up in a very large protracted way. The weather in the southern hemisphere has been the key driving force. The market took a breather today due to the USDA report tomorrow, in my opinion. The two week weather outlook appears to remain hot and dry in critical areas. The reality is the bulls have the bit and control at present. The market will continue to be driven by weather. The only unknown is tomorrow. Hence the minor sell off. The recent trade has also been driven by meal gaining on soyoil a bit. The vegoils remain supported in the macro sense. However, the Black Sea region now is picking up crushing of sunflower. The oil will be competitive into markets. This will be important in the longer term. This could also be part of the reason soyoil and meal are rebalancing. I don’t want to offer any large predictions, lets see what the carryover numbers are tomorrow.
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
800-993-5449
312-208-8836
jwalsh@walshtrading.com
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