Beans continued to see selling pressure for the 3rd trading session in a row, with palm oil lending no support with a 48 point fall to boot. Chatter of the lack of sales in S. America comes on the heels that producers are skittish of putting much on the book after last years over commitments last year. Brazilian first reported yields are trending for need to increase production estimates, this comes on the heels of Chinese demand backing off a touch as crush margins approach the red. Ag forum acreage is released tomorrow and the market is looking to see higher beans, between 86-88. But as it has come to be, any real price change will be started with a fund sell off and this seems unlikely till we get to March WASDE/planting reports. Looking ahead to today, overnight has provided a bit of a bounce, with Ag Forum tomorrow look to see some jostling around but with support at $10.20 for SH and no issues in S. America looking for a range bound trade.
Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.