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The beans were lower early on concerns over China, a lack of purchases, and a large percentage of unshipped beans for old crop. At the end of the day nothing has changed but the price. Beans were able to mount a significant turn around and close 10 CENTS higher. There is hope the US delegation to China can come away this week with some victories and reason not to impose tariffs. Perhaps there was a feel good that aided the market. It is my belief the world is amply supplied of beans. The question is where will meal run out of steam. The Argentinian crop has created some concerns. If the US is unable to resolve issues, and there are more cancellations, the US will have a large surplus of beans that will aide in meal production. The crush margins have been on a tear. This has been fueled by meal. The market will eye next Thursday's USDA report. Some questions will find answers then.
The corn continues to move higher. All global weather issues in play. This opens the door to the US for exports. The acreage, as I have said, will be important. The early weather is a question. Will there be a window for bean acreage shifts? The corn needs a good crop. The projected carry will fall in the friendly category.
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