The forecast has pretty much held true over the weekend with rains and cooler temperatures coming in from the NW across the growing area. Crop conditions will be out this pm and expectations are for a minor drop of 1-2 points overall. Honestly unchanged wouldn’t be a shock. More importantly will be what kind of liftings we had last week in the 11 am report. Also, we need to continue to see this uptick in NC sales continue so beans can find a short term landing spot. The CFTC report was not as expected with less than anticipated liquidation of longs by funds last week. Sooooo, we do still have all that hanging over our heads if we see support crumble. SA is beginning to predict fall acreage and both countries expect minor bean increases mainly due to corn in Brazil taking the driver’s seat on that front. Friday was a big volume day in products and decent in beans. The whole complex lost OI, but beans got hammered with almost 20K OI taken off the board. Today we are higher in tepid trading so far to start the week. Look for two-sided trading when we reopen and for some positive news needed to fuel a bounce in the complex.
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