One day prior to the USDA monthly update and only corn is finding footing to trade into the green. That said, the bigger picture still shows a negative outlook. SA weather is fine and projects a record bean crop. The devaluation of the Argie currency or more properly the change in policy to allow the currency to float to its actual value will add money to the producer there and encourage movement of beans held for several crop seasons. Additional beans now is not a positive for US exports. The US$ is still a big issue and does not appear ready to retreat anytime soon. The rally from sub-80 in June of 2014 to over 100 in Aug. of 2015 and staying in a trading range of 94-98 for the most part since then is an issue that cannot be ignored. Until the US$ index breaks back below 90 and settles in the mid- to low-80s we won’t have the ability to secure exports in volume to ratchet up prices without a major weather issue on another continent, not just another country. OI receding in products. We should get a chance to trade both sides today.
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