Lower values as we continue to see excellent weather for the SA crop. The US$ has fallen below the 100 level on the index, but is pushing back up toward that level this a.m. While Trump continues to push for a weaker US$ the Fed could easily blow that plan to pieces with a rate hike. Though one is not expected today, sooner rather than later does seem to be the consensus. Today is day one of the early or planting pricing for insurance. Tues. will be the first day of the Goldman roll so we should see the Rogers rolls starting today. WE are also only a week and a day away from the next USDA S/D reports. The S/C ratio has slipped below 2.6 this a.m. to 2.59. Basis has firmed a bit as lack of movement from producers will be the norm into the foreseeable future as we have purchased north of 70% in all areas I cover. The last 25% is going to be tough to get moving without a major rally. Only beans lost OI yesterday in light volume. Spreads continue to weaken and add carry. Even N/X has removed enough of the inverse that one can once again dream of carry into NC, but it is still far from in sight. Look for both sides to trade with the lower side the having more attraction at the moment.
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