A better start after the 3-day holiday weekend. Looks like we have some delays in planting, but progress should be enough to keep on average still. Weather does appear to be shaping up to allow the bean crop to finish in a timely fashion in most areas. Interesting to see spread realignment taking place overnight. Now to see if it continues with the full market’s attention. GS roll will not commence until a week from today. OI is up in beans and meal, but off in oil. July contracts though in both meal and beans lost OI while deferred months are grabbing the new positions of specs and gaining OI. Rolls will exacerbate this move as the next two weeks progress. CFTC showed minimal Index movement and a net drop in specs for beans but especially oil. Meanwhile the complex leader meal added a minimal amount of longs. Basis is weak with a few signs of minimal pulse. Warmer weather and less rain will benefit the planted acreage. Look for a better open and then we will see if we can gather more momentum or we see the front month falter and back end rally.
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