Not a pretty start to the day, as exports couldn’t even get above the low end of an anemic expectation. Products weren’t much better as meal was mid-range and oil stuck its nose above the waterline. Elsewhere SA weather is little changed, so not much to talk about unless you want to focus on the problem areas and make a mountain out of a molehill. The US$ would have been providing some support, but the export numbers will trump that and people will await the USDA numbers at 11 a.m. today to see what changes they have plugged in there before taking a stand. A footnote to the exports was that NC had a net cancellation which doesn’t bode well for next year to get off to the roaring start we have seen the last two crop years. Tomorrow is the last trading day for anyone still in Jan. Volume remains low, as does additions and subtractions to OI. That also helps explain the late rally on index fund buying. Look for lower values into the report.
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