Soybean Report, 07/11/2016

Monday, July 11, 2016

The report threw a big hard breaking curve on the number of bean acres as it came in well below expectations. Still not sure it is right, but that is what we always hear after a surprise. Anyway, moving to weather, it is continuing to add moisture to most areas and the break in temperatures is welcome as well especially in places still not getting as much as they would like in the rain dept. Basis continues to rally and most have moved their bid to Q or X as delivery has begun. Speaking of deliveries, we have oil drop to only 960 today and beans were off a couple at 592. Spreads have moved to even on the nearby and NX has stayed pretty much above 20 with only minor weakening after the report. A nice OI pop on the move for beans after the report as risk on took place. Look for prices to struggle to move decisively higher into a 3-day weekend with rains predicted.

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