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| Vegetable oil prices due to continued Asian demand are driving the complex. Iraq is looking for more wheat & all eyes are upon whom might be the supplier & at what price.
I sense renewed interest in new crop soybeans due to thinking along the lines ‘if we haven’t rationed old crop usage,” new crop prices are yet too cheap.
The predominant idea coming out of the USDA outlook meeting, as was told to me, are the expectations significant CRP acres will come out & that “insiders” remain committed to ethanol & will let the market do its rationing job. There seemed to be very little concern about the dramatic increase in input costs.
I remain in long dec & later corn & still lightly selling new crop wheat but am very cautious on timing as this old crop wheat remains in strong, strong hands & in the short run, new crop prices will be influenced.
Also noticed we lost open interest across the board on Friday.
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Some things.
