Well the whipsawing continues today. With some overseas unrest in currencies and an ever expanding avian flu issue that really doesn’t seem to be taking the precedence I would give it. Europe is now culling birds while Asian countries continue to battle to keep their problems from expanding. While we learned it doesn’t take long to expand a flock that has been decimated, it does take diligence and money to stop the spread. The diligence may be the bigger issue in Asia as they often do not have the same abilities to find or have the problem reported and dealt with in a timely manner. Today is first position day as tonight we will get first delivery intentions, thus be out of Jan. bean complex longs by the close or risk taking delivery. At the moment, only oil should see deliveries as beans do not pencil out as more profitable to make delivery and meal is still in good demand. Oil while in a situation that is tight for world veg oils, does seem to have some areas where delivery is more profitable and thus should see their usual suspects making delivery of a several hundred to a little over 1K contracts by the weekend. Another subpar day expected for volume. A reloading of longs by those that took profits in the past two weeks should be the force to push us higher into the close today as yesterday was yet another big down day in OI for beans and significant for products.
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