We seem to be trending sideways now and stuck in a range. The spread has moved back to 9 and N/X has moved back toward 20 cents inverted, currently holding at 21 ½ so maybe by the time acreage is really being computed by the farmer we will see some carry. We do need to alter the ratio by the Feb. calculation period for insurance, if we are to pick up the acreage that might/is warranted by current economics on the farm. Meanwhile, SA looks good, but the US and Canada are seeing snows that will end the rapid finish to the harvest. 165 TMT of beans sold to China yesterday, so the buy on dips seems to continue as their buying pattern. Look for mixed trade today with no real direction at the moment due to S/D issues, but the strong US$ is a headwind.
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