Not much movement overnight. We will get the USDA report on crush this p.m. and it should be better than last year by a couple MB, but lower than last month by about 4 MB. Not so sure I agree with that number and suspect we may get a better number, say closer to 138+ making it only a couple MB lower than last month. Crush margins were too good not keep cranking out the product and supply definitely was ample. Bean export inspections were at #2 highest all time last week. Should see yet another good one this week. With the amount already booked, we should have a record first half shipment amount or very close if we don’t get it. Spreads tightened on the lack of deliveries by only a cent yesterday. Still no deliveries and yet the spread this a.m. is a ¼ cent wider. Relatively slow volume day led to little change in OI for beans, but meal dropped 7K+ and oil added 9K+. Oil buyers appear willing now to purchase on dips. A good rally though should trigger some buy stops in a technical market that has turned bullish across the complex. Looking to have a mixed trade early and rallies to find some momentum. It will take new negative news to drop this market.
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