The big issue this morning is the worst export sales report of the crop year. With Unknown cancelling 898 TMT the net for sales only came in at 87.5 TMT and a meager 0.2 TMT for next year was like 1-2 punch. Only oil had a positive report and much of that was due to almost non-existent expectations. Meal was below low end guess at 100 TMT at only 83, while the aforementioned oil was 30 TMT or 10 TMT over the high estimate. The US$ seems to be finding a little traction after 2 down days, so no more help there. Funds should really come in to play on Monday, so I would expect a little front running today for support. Deliveries are 158 on meal, 438 on oil and 444 on beans. Finally, maybe finding a stopper in beans in ADM? Looks like most of what they stopped yesterday stayed put and today they are catching 308 of the contracts. Monday we will have a better idea. Volume yesterday was abysmal, especially for beans. Oil futures were within 6K+ of equal volume and oil volume was nothing to shout about. For the first time in a while though, the whole complex added OI. We could see that streak go to 5 or 6 next week, as long as the ideas on the influx of commodity cash is accurate. Look for a mostly lower day and any rally to the plus side as a selling opportunity based on current info.
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