Soybeans remain on firm footing as the market buys acres heading into planting season. Today’s USDA report could derail the run-up with increases in global carryout and South American production expected today. Corn and wheat numbers are expected to be neutral to bearish, which won’t help feed the soybean bull. Calendar spreads are widening in old crop months indicating the rally might face headwinds. The US Dollar is higher this morning on a breakdown in the Euro and Japanese Yen. Dollar weakness is critical in the continuation of higher prices in the bean complex. Outside markets have a “risk on” feel this morning with the S&P trading 6 points higher, 10 year Treasury down 7 ticks, and Crude oil up 40 cents.
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