The report will come out at 11 am CDT. Barring a shocking surprise, it will be tough to find enough in it to be bullish this market as we move into bean harvest in earnest across most of the growing region this weekend. What little traction there was to the plus side overnight is eroding prior to the break. We should see harvest pressure into the weekend and basis is also telling us we are getting enough across the scale producer sales to keep the processors and exporters happy. Low volume day yesterday with meal taking a hit on OI, makes one wonder how much the Chinese tiff is going to affect domestic meal prices in the long run. Spreads are tightening some more, but that is a bit of a head scratcher with the bean harvest and basis moving like they are. Not much expected prior to the report and honestly, not much after it either unless it is bearish.
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