Soybean Report, 07/11/2016

Monday, July 11, 2016

The report threw a big hard breaking curve on the number of bean acres as it came in well below expectations. Still not sure it is right, but that is what we always hear after a surprise. Anyway, moving to weather, it is continuing to add moisture to most areas and the break in temperatures is welcome as well especially in places still not getting as much as they would like in the rain dept. Basis continues to rally and most have moved their bid to Q or X as delivery has begun. Speaking of deliveries, we have oil drop to only 960 today and beans were off a couple at 592. Spreads have moved to even on the nearby and NX has stayed pretty much above 20 with only minor weakening after the report. A nice OI pop on the move for beans after the report as risk on took place. Look for prices to struggle to move decisively higher into a 3-day weekend with rains predicted.

Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

Market Intelligence Free Trial