Slow night session bleeds lower with nothing to support it short term. OI is at a high for this timeframe in beans. Meal in second place and oil just missed joining beans. The whole complex added OI while volume was weak. Options were pretty active across the complex yesterday with nice OI gains. The money flow is weak at best right now. Technical traders want to see the market hold above 1045. Meal and oil both are more threatening to breaking support than pushing above resistance as we await the reopen. The market right now just feels tired. Basis saw a glimmer of life, but only like some moisture on a mirror type. The basis gains were mainly in the 1-3 cent better bid range at processors and along the river. Spreads indicate plenty of nearby supply and even the inverted N/X has relaxed to below 50 cents. Interesting though in NC spreads are minimal even with predictions of record or near record acreage. The S/C ratio is again at 2.62 which would indicate we are on track to keep those intentions. Look for a mostly lower day with a good chance to sell unchanged to slightly higher a time or two.
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