A little rally overnight in the complex. Looks like someone is attempting to protect their positions. We are seeing some rains slowing planting, but beans have a big window to still get planted with little or no effect on yield. Index rolls start today with the Rogers roll. OI across the complex gained yesterday, with beans lapping the competition. X picked up the most OI with N close behind. Meal still focused on N as the leading contract and largest OI gainer. Soybean oil is seeing the front month liquidation one would expect. SA is rolling along on harvest and shipments. Some crusher downtime that was unexpected pushing meal basis in the east. Spreads continue to walk further down the inverse path. Some of that should be reversed on the rolls. Fundamentals do not add up to an inverse, but here we are. Basis is weak, supply is ample, but money flow is still to the front month so we have to deal with it. Look for better values to start the day and then we will see what kind of movement the money makes. Front end could catch selling late as rolls occur and liquidation could add to it.
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