After Friday’s drop we started the week out quiet for the soy as traders look to position themselves ahead of Friday’s report. Concerns out of China with bird flu pressured Chinese futures down 47 cents and effecting feed demand. Export inspections yesterday are in line with last year at 555tmt, the trade is trying to wraggle around Brazil and Argentina production numbers as US acre talk is anywhere from 87-90 ml acres. Beans have seen a sell off of 80 cents since March no weather stories out of SA offered any support and the strong rhetoric from the country of US producers switching historically non bean acres into bean acres. The charts look like the market is looking to put in a slight floor here at $9.70, but the heavy hand of the bears could keep the downward pressure. Producer cash movement as expected is no there as preparations for field work are in full swing, with a good portion of the crop priced earlier in the year it will need to take a very good rally or cash need to shake the remaining beans loose. Looking for another mixed day, with a potential dead cat bounce to give us some hope.
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