Ugly day yesterday is not getting much of a reversal move in the night session. Exports are not a huge help either. Weather in the northern areas will be delayed due to some massive quantities, 6-8 inches. Meanwhile, other areas are going full bore. Chinese demand continues strong. World oil prices are about all that is currently bullish in the complex. SA can change that, but so far it is a reach to bet on a poor crop. US reports continue to support a record crop and one that appears to be growing. Bean and meal OI took a hit on the drop yesterday, but oil added 3K. Volume was meager. Looking at the future plantings and insurance pricing, the N/X spread still is attempting to get enough gumption to break below 30 cents inverted. 30 ¼ so far has been as close as we have come. The bean/corn ratio is still only 2.56 for 2017 fall pricing, so acreage is not tilting to beans as it should. Look for a mixed trade today with a decent shot to move higher on limited harvest over the weekend due to more moisture and the drop yesterday.
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