A weak La Nina is still all that is in the predictive cards of the weathermen. Thus not much threat to SA production is expected. Meanwhile, the US and Canada should be making good progress on finishing up the bountiful harvest. Prices last night were unable to hold positive territory and have the feeling of a selloff to me. Any close below 980 will definitely signal liquidation mode for the long funds. We are pounding on that door this morning. Bean deliveries still looking for a home for the 164 contracts that have been recirculating like air in a closed system. Basis is feeling a few pushes, especially from the river east as harvest pressure has pretty much ended and the farmer sees no incentive currently to move additional crop. Spreads are stuck in a range and have not seen much progress in the deferred even with the sizeable carry out prognosis. Should see some more OI losses across the complex today. USDA announces two sales of beans, 324 TMT to China and 132 TMT for unknown. US$ approaching 100 on index is negative as well. Looking for mostly lower and possibly much lower if we work into sell stops below the markets range as of last night.
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