The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The market again down sharply. The talk from Trump is heating up as expected. A couple things in my opinion. The bean market was way overvalued based on the numbers. The rhetoric is cited as the reason. Perhaps it sped things up. It is my belief we were coming here anyway. A long term thought. It is my belief this break is coming to an end in this range. Perhaps a bit more tomorrow. The next rally, IF it transpires will be an opportunity to look at making sales for next year. It is also my belief China will not allow the tariffs to go into place. The meal market in my opinion is way overvalued relative to everything. The thought that we are short of protein in real terms is not true. There is a push by the commercial for this to be excepted because they are crushing with a $2.00 profit on the board. The last time beans were in this price range meal was $237.00. Lets see the numbers tomorrow.
The Corn under pressure yet again. The trade talk and the weather have both contributed. I have been a broken record in regards to my thoughts. I don’t see this price relative to the carry. There is currently sub $3.00 cash corn in certain areas. The global picture remains intact. I also believe the NAFTA situation will be worked out. My thoughts of course. Let’s look at tomorrows numbers. The expectation is for an increase in carry for new crop.
” THE UNEXAMINED LIFE IS NOT WORTH LIVING ” – SOCRATES
John J. Walsh
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