New crop soybean balance sheet is not bearish!
Corn lost a few more cents on Monday while new crop soybean futures posted small
gains. The story remains the same with good weather upfront rolling into early June.
New crop soybeans may have had enough down for the short term as a 140 million
bushel carryout for 21/22 isn’t bearish. Funds have been trimming so some selling
pressure is there but end users should be taking advantage of prices backing off a
dollar for next year. The dollar index is nearing the early January lows giving some
price support to commodities. Overnight corn is off a little but breaks should be
shallow while soybeans are moving higher as old crop tries to catch up after being
out paced by new crop yesterday. See attached report for more information on outlooks, technicals, and weather updates.
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