After an early rally, the US$ took over and beat values back down lower. SA weather is continuing to be conducive to a large crop. Beginning to look like rust may be a bigger yield sap than lack of moisture. US basis is a tad lower, but almost feels more like a head fake. As there has been producer selling, it is more like a steady trickle than a constant flow, let alone a flood. Spreads are steady. Would expect to see some weakness, if there truly is a good cash flush by the farmer. Looking ahead, we have exports tomorrow and next Wed. we already, or so it seems too soon, another USDA S/D report and then on the 15th we will get the NOPA crush report. Look for things to reopen weaker and struggle to climb to the plus side barring some outside influence not seen at the moment. Beans: V-187,971/OI-688,895(-2,180) Meal: V-87,870/OI- 419,024(+2,401) Oil: V-144,699/OI-437,941(-3,322)
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