Soybean Report, 06/24/2016

Friday, June 24, 2016

Brexit is official and the world financial markets are sick. Beans could catch a triple whammy with rain in the forecasts, a much stronger US$ off the Brexit and finally NOPA releasing changed data due to the fact their last report was inaccurate or IMO erroneous. If I were a betting man, I would take the lower side of the revised crush. So while we are already taking it on the chin at the break, it could easily get worse when we get going again. Rains overnight are not that great in the main growing region, but temps are cooler there and the hotter areas are catching rains and then will cool off next week after the whole growing region gets a very good chance for additional moisture. Beans continue to run at record levels for this time, meal close and oil only at second fiddle to last year’s record. Changes in Brazil and Argie crop are almost a net cancellation of each other. OI fell across the complex yesterday and looks like we could see more of that today. Big question is whether volume will actually be of significance. Looking for lower to much lower today.

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